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59
off in computing the assessable profits for any other year of assessment; and
(b) where a loss is set off under this subsection in respect of the year of assessment commencing on 1 April 1975 or any subsequent year of assessment, that loss shall be set off before the set off of any loss under section 19C. (Replaced 7 of 1975 s. 13)
(3) For the avoidance of doubt, it is hereby declared that losses incurred during the basis period for any year of assessment prior to that commencing on 1 April 1955, shall be ascertained and treated in accordance with the relevant provisions of this Ordinance in force on 31 March 1955.
(4) Notwithstanding anything in subsection (3), where a loss is sustained in respect of the basis period for the year of assessment commencing on 1 April 1955, such part of such loss as is attributable to that portion (including the whole) of the basis period which is prior to 1 April 1955, shall for the purposes of this section be deemed to have been sustained during the said year of assessment.
(Replaced 36 of 1955 s. 28)
19A. Computation of losses
(1) For the purposes of section 19, the amount of a loss incurred by a person chargeable to tax under this Part shall, subject to the provisions of subsection (2) of this section, be computed in a like manner as assessable profits are computed.
(2) Where the assessable profits of a person chargeable to tax under this Part are computed in accordance with section 18(2) by reference to accounts for a period ending on some day other than 31 March in the year prior to the year of assessment, any loss which may be set off under the provisions of section 19 shall be computed by reference to such person's accounts for a similar period ending on the same day in the year of assessment, and the loss so computed shall be deemed to be the loss incurred by such person in that year of assessment.
(3) Where a person commences to carry on a trade, profession or business in Hong Kong within the year of assessment commencing on 1 April 1974, any loss incurred by that person in that year of assessment shall be computed by reference to such person's accounts for a similar period as that person's assessable profits would have been computed under section 18C. (Added 7 of 1975 s. 14. Amended 7 of 1986 s. 12)
(4) Subsections (1) and (2) shall apply to the years of assessment up to and including the year of assessment commencing on 1 April 1974. (Added 7 of 1975 s. 14)
(Added 49 of 1956 s. 16)
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off in computing the assessable profits for any other year of assessment; and
(b) where a loss is set off under this subsection in respect of the year of assessment commencing on 1 April 1975 or any subsequent year of assessment, that loss shall be set off before the set off of any loss under section 19C. (Replaced 7 of 1975 s. 13)
(3) For the avoidance of doubt, it is hereby declared that losses incurred during the basis period for any year of assessment prior to that commencing on 1 April 1955, shall be ascertained and treated in accordance with the relevant provisions of this Ordinance in force on 31 March 1955.
(4) Notwithstanding anything in subsection (3), where a loss is sustained in respect of the basis period for the year of assessment commencing on 1 April 1955, such part of such loss as is attributable to that portion (including the whole) of the basis period which is prior to 1 April 1955, shall for the purposes of this section be deemed to have been sustained during the said year of assessment.
(Replaced 36 of 1955 s. 28)
19A. Computation of losses
(1) For the purposes of section 19, the amount of a loss incurred by a person chargeable to tax under this Part shall, subject to the provisions of subsection (2) of this section, be computed in a like manner as assessable profits are computed.
(2) Where the assessable profits of a person chargeable to tax under this Part are computed in accordance with section 18(2) by reference to accounts for a period ending on some day other than 31 March in the year prior to the year of assessment, any loss which may be set off under the provisions of section 19 shall be computed by reference to such person's accounts for a similar period ending on the same day in the year of assessment, and the loss so computed shall be deemed to be the loss incurred by such person in that year of
assessment.
(3) Where a person commences to carry on a trade, profession or business in Hong Kong within the year of assessment commencing on 1 April 1974, any loss incurred by that person in that year of assessment shall be computed by reference to such person's accounts for a similar period as that person's assessable profits would have been computed under section 18C. (Added 7 of 1975 s. 14. Amended 7 of 1986 s. 12)
(4) Subsections (1) and (2) shall apply to the years of assessment up to and including the year of assessment commencing on 1 April 1974. (Added 7 of 1975 s. 14)
(Added 49 of 1956 s. 16)
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