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Owners
Question
16: According
to the acquisition policy of the Housing Society, the ex-gratia
allowance for owner-occupied non-domestic property is 35% of its
market value. An owner-occupier may also claim for business loss,
as an alternative to the above allowance, if he so chooses. Which
heads of claim may include in the business loss? What kind of documents
do I need to submit in order to substantiate my claim?
Answer:
If
an owner-occupier of a shop chooses to claim business loss as an
alternative to ex-gratia allowance, heads of claim may include permanent
or temporary loss, such as:
- permanent or temporary loss of business profit;
- loss on forced sale of fixtures & fittings and stock;
- loss of business goodwill;
- severance payments to employees under the Employment Ordinance
(Chapter 57);
- expenses on connecting telephone line; and
- costs on printing removal notice.
Supporting documents such as receipts and invoices would be required
to substantiate the claim, including:
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a. |
business
registration certificate; |
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b. |
financial
statements (e.g. balance sheet, profit and loss account) covering
the claim period as well as the three preceding years; |
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c. |
monthly
analysis of sales/income; |
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d. |
tax
returns in support of the claim; |
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e. |
tenancy
agreement, if applicable; |
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f. |
inventory
of stock and the value of the respective items; and |
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g. |
evidence
of the new shop's address. |
The above two lists are not exhaustive. The Housing Society will
consider each case according to its circumstances.
This
website is for reference only. The information contained is by no
means exhaustive and is not legally binding and shall not be in
any way construed as a legal document. The principles outlined herewith
are subject to change without prior notice.
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