1964_INLAND_REVENUE_ORDINANCE — Page 63

62

CAP. 112]

Inland Revenue

[1989 Ed.

1

(6) For the purposes of this section-

(a) the amount of any loss set off in computing the assessable profits for any year of assessment shall not be set off in computing the assessable profits for any other year of assessment;

(b) the amount of any loss carried forward to any year of assessment to be set off against the assessable profits for that year shall not be set off more than once in that year of assessment;

(c) the total amount set off against assessable profits shall not exceed

the amount of the loss;

(d) the amount of any loss to be set off under this section shall be the

loss attributable to activities in Hong Kong; (Amended 7 of 1986 s. 12)

(e) the amount of any loss sustained in any trade, profession or busi- ness carried on for the benefit of a trust by a person in his capacity as trustee shall not be available for set off except against the assess- able profits of that trust from that trade, profession or business for subsequent years of assessment. (Added 30 of 1981 s. 4)

(7) For the purposes of this section-

(a) "partnership" does not include a partnership (other than a partnership referred to in section 345(2) of the Companies Ordinance (Cap. 32)) consisting at any time in the year of assessment of more than 20 partners;

(b) in calculating the number of partners in a partnership, there shall be included every partner in any other partnership which is itself a partner in the first-mentioned partnership. (Replaced 51 of 1978 s. 9)

(8) This section shall apply to the year of assessment commencing on 1 April 1975 and to subsequent years of assessment.

19D. Computation of losses after 1 April 1975

(Added 7 of 1975 s. 16)

(1) For the purposes of section 19C, the amount of loss incurred by a person chargeable to tax under this Part for any year of assessment shall be computed in like manner and for such basis period as the assessable profits for that year of assessment would have been computed.

(2) This section shall apply to the year of assessment commencing on 1 April 1975 and to subsequent years of assessment.

19E. Adjustment of losses

(Added 7 of 1975 s. 16)

(1) For the purposes of section 19D, the amount of loss for any year of assessment of any person chargeable to tax under this Part shall be increased by

1