Page:Inland Revenue Ordinance, 1947 (Cap. 112).pdf/17

A.D. 1947]

the change, and signed by all of them or, in the case of a deceased person, by his legal representative, and received by the Assessor within twelve months after the change took place, or where the change took place during the year ending 31st March, 1947, within two years after the change took place, the Assessor shall compute the profits for any year of assessment as if the trade, profession or business had been discontinued at the date of the change and a new trade, profession or business had been then set up and commenced.

(4) Tax upon the partnership shall be recoverable by all means provided in this Ordinance out of the assets of the partnership, or from any partner, or from the Manager or Agent of the partnership in the Colony, and in the case of an assessment made in accordance with sub-section (3) notwithstanding a change in the partnership shall be recoverable if necessary from any person who quitted the partnership at the change or from the estate of any such person deceased.

(5) Tax may be assessed on the profits of a partnership notwithstanding the cessation or dissolution of such partner- ship and shall be recoverable from the former partners and from the assets of the partnership at the time of its cessation.

24. (1) The profits of a company, whether mutual or proprietary, from the business of life insurance shall be the investment income of the Life Insurance Fund less the management expenses (including commission) attributable to that business:

Provided that where such a company transacts life insurance business both in the Colony, whether directly or through an agent, and elsewhere, the profits from business in the Colony shall be deemed to be the same proportion of the total investment income of the Life Insurance Fund of the company as the premiums from life insurance business in the Colony bear to the total life insurance premiums received by the company, subject to a deduction of agency expenses in the Colony (including commission) and a fair proportion of the expenses of the head office of the company, due account being taken in each case by set-off against such expenses of any income or profits other than life insurance premium or investment income.