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This is a question of whether the compensation received is ordinary income or will be of a capital nature.
It is usually of an income nature if the amount which it replaces would have been income under the contract. For example, if the payment for termination contract was designed to compensate your company for the loss of the anticipated profits flowing from the contract, then it should be income.
On the other hand, where the alteration of the contract affects the business or causes a substantial part of the business to be lost then the amount received will more likely to be of a capital nature. Where a payment received as consideration for termination of an existing business contract is a capital sum then capital gains tax provisions will apply. A disposal of a capital asset (the rights under the contract) occurs when the ownership of the asset has been cancelled. However, your company may be entitled to an exception or exemptions that would reduce or disregard the capital gain or loss in certain circumstances.
You may think of applying a private ruling if the amount is significant.
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烤酸奶芝士蛋糕 (2008-11-9) cctang 
发表于 2014-8-31 00:21
