Webb10 dec. 2024 · The key update is the inclusion of Section 15BA to codify the market value principle as established in Sharkey v Wernher. Section 15BA is effective from the year of assessment commencing on or after April 1 2024 and requires that tax adjustments are brought into account to reflect the market value of a stock, when a stock is appropriated … WebbSharkey v Wernher [1956] AC 58 • Where trading stock is disposed of by way of gift or through a sale of business, the market value at the time of disposal (not the actual …
TA H522013(J) 05122013v2 (2)
Webb12 feb. 2016 · Sharkey v. Wernher, [1956] A.C. 58; 36 T.C. 275. 7 Income Tax Ordinance, sec. 2 (2). 8 Land Appreciation Tax Law, 1963, 17 L.S.I. 193. 9 Land Betterment Tax Law, … WebbOn appeal, he contended that the decision in Sharkey v. Wernher 36 T.C. 275 ; [1956] A.C.58 applied only to a trader the value of whose stock-in-trade was required to be brought into the computation of his profits for tax purposes, as distinct from an author carrying on a profession, and, further, that it did not apply where profits were computed on the cash … fish with attitude werewolf
Hong Kong Tax Analysis - Deloitte
Webb10 dec. 2007 · Sharkey v Wernher (1956) In 1954 the taxpayer, a race horse owner transferred five horses from her stud farm to the racing stable. This case went right to the House of Lords where the case was decided in 1956 "if an item of trading stock is disposed of, other than in the ordinary course of the taxpayers trade, it must be brought into … WebbFor many advisers, the House of Lords’ decision in Sharkey v Wernher is a distant memory from a training course. And the facts were so obscure (concerning horses bred in a … Webb31 mars 2015 · The principle derived in Sharkey v Wernher is that when a trader takes stock out of his business, it is treated as a sale at the market rate. But my client is just transferring it to another company not for personal use? Thanks (0) By Portia Nina Levin. 25th Apr 2015 11:32 (No subject) Thanks ... candy palmater dead at 53