1964_INLAND_REVENUE_ORDINANCE — Page 78

1989 Ed.]

Inland Revenue

[CAP. 112

77

1

(1A) (a) For the purposes of this Part—

(i) the profits on the disposal of securities by trustees; and (ii) sums received or accrued to trustees by way of interest, where the trustees are trustees under a unit trust authorized under section 15 of the Securities Ordinance (Cap. 333), shall not be included in the profits of any corporation or other person chargeable to tax under this Part. (Replaced 36 of 1984 s. 5)

(b) In this subsection—

“securities” includes any negotiable receipt or other negotiable certificate or document evidencing the deposit of a sum of money, or any rights or interests arising under any such receipt, certificate or document; but otherwise has the same meaning as in section 2(1) of the Securities Ordinance (Cap. 333); and

“unit trust” has the same meaning as in section 2(1) of the Securities Ordinance (Cap. 333).

(c) Notwithstanding section 70, this subsection applies to any year of assessment commencing before, on or after 1 April 1983. (Added 13 of 1983 s. 2)

(2) (Repealed 17 of 1989 s. 6)

27. (Repealed 51 of 1978 s.9)

(Replaced 62 of 1975 s. 3)

9/90

PART V

(Repealed 17 of 1989 s. 7)

PART VI

DEPRECIATION, ETC.

34. Initial and annual allowances, industrial buildings and structures

(1) Where a person incurs capital expenditure on the construction of a building or structure which is to be an industrial building or structure occupied for the purposes of a trade there shall be made to the person who incurred the expenditure for the year of assessment in the basis period for which the expenditure was incurred an allowance to be known as an “initial allowance” equal to one-fifth thereof: (Amended 30 of 1950 Schedule; 35 of 1965 s. 17)

5.2