In April 2018, Andy acquired a flat in Tsimshatsui with finance obtained from a local bank. He signed a lease with the following terms with Ms. Wong on 28 April 2018. The landlord is responsible for the repair cost. (1) The lease runs from 1 May 2018 for two years. (2) Monthly rental: $72,000(inclusive of a management fee of $4,000 per month), payable in advance. (3) Initial premium: $96,000 payable on signing the lease agreement (4) Rental deposit: $144,000 payable on signing the lease agreement. As per the lease agreement, the rental deposit is to be used to compensate any loss of revenue when the tenant defaults in payment of the rent. (5) Rates: $6,000(net of rates concession) per quarter, payable by Andy. (6) Ms. Wong asked for rent-free period to facilitate a minor repair to the flat. Andy agreed to give a half-month rent-free period from the date the lease started to take effect. The repair cost of $24,000 was paid by Ms. Wong. During the year ended 31 March 2019, Andy incurred bank mortgage interest of $210,000. A property agency fee for letting the property, equivalent to half of the monthly rental, was also paid on 28 April 2018. Since 1 January 2019, Andy has not received any rental payments from Ms. Wong On 16 May 2019, Andy was advised by the management company that Ms. Wong had moved out without leaving any contact details. The property was left vacant until it was sold on 31 May 2019. Required Using the most favorable tax planning, compute the property tax payable by Andy (if any) for each of the years of assessment 2018/19 and 2019/20. Note: You should assume that Andy will not elect for personal assessment for the relevant years. In April 2018, Andy acquired a flat in Tsimshatsui with finance obtained from a local bank. He signed a lease with the following terms with Ms. Wong on 28 April 2018. The landlord is responsible for the repair cost. (1) The lease runs from 1 May 2018 for two years. (2) Monthly rental: $72,000(inclusive of a management fee of $4,000 per month), payable in advance. (3) Initial premium: $96,000 payable on signing the lease agreement (4) Rental deposit: $144,000 payable on signing the lease agreement. As per the lease agreement, the rental deposit is to be used to compensate any loss of revenue when the tenant defaults in payment of the rent. (5) Rates: $6,000(net of rates concession) per quarter, payable by Andy. (6) Ms. Wong asked for rent-free period to facilitate a minor repair to the flat. Andy agreed to give a half-month rent-free period from the date the lease started to take effect. The repair cost of $24,000 was paid by Ms. Wong. During the year ended 31 March 2019, Andy incurred bank mortgage interest of $210,000. A property agency fee for letting the property, equivalent to half of the monthly rental, was also paid on 28 April 2018. Since 1 January 2019, Andy has not received any rental payments from Ms. Wong On 16 May 2019, Andy was advised by the management company that Ms. Wong had moved out without leaving any contact details. The property was left vacant until it was sold on 31 May 2019. Required Using the most favorable tax planning, compute the property tax payable by Andy (if any) for each of the years of assessment 2018/19 and 2019/20. Note: You should assume that Andy will not elect for personal assessment for the relevant years