CHAPTER 75:01 - Inland Revenue Division

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Income Tax Act Mac 1 Vol. 1 16. (1) Subject to sub-rule (3), where an asset acquired by a person otherwise than as trading stock of a trade carried on by him is appropriated by him for the purposes of the trade as trading stock (whether on the commencement of the trade or otherwise) and, if he had then sold the asset for its market value, a gain or loss would have accrued to him, he shall be treated as having thereby disposed of the asset by selling it for its then market value. (2) Where an asset forming part of the trading stock of a person's trade is appropriated by him for any other purpose, or is retained by him on his ceasing to carry on the trade, he shall be treated as having acquired it for a consideration equal to the amount brought into the accounts of the trade in respect of it for tax purposes on the appropriation or on his ceasing to carry on the trade, as the case may be. (3) Sub-rule (1) shall not apply in relation to a person's appropriation of an asset for the purposes of a trade if he is chargeable to income tax or corporation tax in respect of the profits of the trade and elects that instead the market value of the asset at the time of the appropriation shall, in computing the profits of the trade for purposes of tax, be treated as reduced by the amount of the gain or increased by the amount of the loss referred to in that sub-rule, and where that sub-rule does not apply by reason of such an election, the profits of the trade shall be computed accordingly, except that if a person making an election under this sub-rule is at the time of the appropriation carrying on the trade in partnership with others, the election shall not have effect unless concurred in by the others. Transactions Between Connected Persons 17. (1) This rule shall apply where a person acquires an asset and the person making the disposal is connected with him. (2) Without prejudice to the generality of rule 4(2) the person acquiring the asset and the person making the disposal shall be treated as parties to a transaction otherwise than by way of a bargain made at arm's length. (3) If on the disposal a loss accrues to the person making the disposal, it shall not be deductible from a chargeable gain accruing to him on some other disposal of an asset. Husband and Wife 18. If, in any year of income and in the case of a woman who in that year of income is a married woman living with her husband the man disposes of an asset to the wife or the wife disposes of an asset to the man, both shall be treated as if the asset was acquired from the one making the disposal BIR Mac Edition 91/<strong>01</strong> Page 158
Income Tax Act Mac 1 Vol. 1 for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal. Connected Persons 19. (1) Any question whether a person is connected with another shall for the purposes of this Part be determined in accordance with the following subrules (any provision that one person is connected with another being taken to mean that they are connected with one another). (2) A person is connected with an individual if that person is the individual's husband, or is a relative, or the husband or wife of a relative of the individual or of the individual's husband or wife. (3) A person, in his capacity as trustee of a settlement, is connected with any individual who in relation to the settlement is a settlor. SECOND SCHEDULE Amended/Deleted Finance Act, 1989 THIRD SCHEDULE PART 1 BIR Mac Edition 91/<strong>01</strong> Page 159
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FINANCE ACT 1987 An Act relating to
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CHAPTER 4:50 TAX APPEAL BOARD ACT A
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TAX APPEAL BOARD RULES Made Under S
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17. The Court may, on the applicati
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INCOME AND CORPORATION TAX APPEALS
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(b) without leave at any time befor
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FORM B (Rule 5) TRINIDAD AND TOBAGO
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FORM F (Rule 14) (Subpoena duces te
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FORM H (Rule 30) (Notice of Hearing
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“financial year” means the peri
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in each financial year an amount eq
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17. All moneys collected pursuant t
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(2) Where the Board in such inspect
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Bills negotiated Handling charge Bo
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Over limit charge Late payment fee
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Miscellaneous Taxes Act PART X 154
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48. All accounts relating to the fu
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52. (1) A tax to be called a hotel
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(14) Where an hotel operator has fa
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Miscellaneous Taxes Act PART XII 15
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157 Effective 29 th March 1995 - Ac
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(2) Where- (a) (b) a premium under
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60A. The Tax Authority may waive in
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64. (1) Where it is proved to the s
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(a) has been in existence for a per
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BIR Mac Edition 91/01 Page 313
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CHAPTER 75:01 - Inland Revenue Division

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