1964_INLAND_REVENUE_ORDINANCE — Page 61

Inland Revenue

[1989 Ed.

19B. Approved charitable donations

(1) Subject to subsection (2), a person chargeable to tax under this Part may deduct the aggregate of approved charitable donations made by that person in the basis period for a year of assessment, if such aggregate is not less than $100, from what would otherwise have been the assessable profits of such person for that year of assessment after first giving effect, where appropriate, to section 19.

(2) A person shall not be entitled under subsection (1) to deduct for any year of assessment-

(a) any sum which is allowable as a deduction under section 16, 16B or 16C;

(b) a sum exceeding 10% of the assessable profits of that person for that year.

(3) This section shall apply to the year of assessment up to and including the year of assessment commencing on 1 April 1974. (Added 7 of 1975 s. 15)

(Added 65 of 1970 s. 5)

19C. Treatment of losses after 1 April 1975

(1) Where in any year of assessment-

(a) an individual sustains a loss in any trade, profession or business carried on by him; and

(b) the individual or, in the case of a husband and wife, not being a wife living apart from her husband, the husband does not elect for personal assessment under section 41 or is not deemed to have elected to be personally assessed for that year of assessment,

the amount of that loss shall be carried forward and set off against the amount of his assessable profits from that trade, profession or business for subsequent years of assessment. (Amended 71 of 1983 s. 17)

(2) Where in any year of assessment-

(a) an individual incurs a share of a loss of a partnership in any trade, profession or business carried on by that partnership; and

(b) the individual or, in the case of a husband and wife, not being a wife living apart from her husband, the husband does not elect for personal assessment under section 41 or is not deemed to have elected to be personally assessed for that year of assessment,

the amount of that share of the loss shall be carried forward and set off against the amount of his share of assessable profits of the partnership from that trade, profession or business for subsequent years of assessment: (Amended 71 of 1983 s. 17)

43/89.5.9.