powerpoint%20Chapter%2006%20-%20property%20tax

powerpoint%20Chapter%2006%20-%20property%20tax - Chapter 6...

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(year 11/12) 14 th edition 1 Chapter 6 Property Tax 1. Scope of charge 2. Assessable value 3. Net Assessable value 4. Calculation of property tax 5. Provisional property tax
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(year 11/12) 14 th edition 2 Scope of charge 1. Owner of land/building situated in HK 2. Land/Building include piers, wharves and other structures 3. Owners includes (a) a person holding directly from HK Gov t, (b) from the developer, © a beneficial owner, (d) a mortgagor, and (e) a mortgagee in possession.
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(year 11/12) 14 th edition 3 Examples of owners (I) Example 1 -- Mr. Chan bought a piece of land from HKSAR Gov t and uses it as a car park for rental income Example 2 Mr. A Wong set up a trust and he appoints Mr. Luk as a trustee to hold his flat for the benefit of his son, Mr. B Wong s life (Mr. B Wong holds the equitable interest and will be regarded as owner).
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(year 11/12) 14 th edition 4 Examples of Owners (II) Example 3 Mr. S Cheung appointed Mr. Ho to be the executor including a flat to his son Mr. T Cheung. Mr. S Cheung died on 15/2/year -1 The flat was distributed by Mr. Ho to Mr. T Cheung on 1/5/year 1. Mr. Ho as the executor, was chargeable to property tax in respect of rental income for the period 16/2/ year -1 to 30/4/ year 1.
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(year 11/12) 14 th edition 5 Examples of owners (III) In D 27/98, the incorporated owners of a building was held liable to property income derived from car parking spaces. The BoR held that the incorporated owners was held as owner
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(year 11/12) 14 th edition Owners exempt from property tax 1. Hong Kong SAR Government 2. Consular – for property used for consular or residential purpose 3. Approved charitable organizations
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(year 11/12) 14 th edition 7 Computation of property tax Rent A Premium -- (NOT deposit)
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powerpoint%20Chapter%2006%20-%20property%20tax - Chapter 6...

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