Duty details of the interest of a person in a bank, shop or business, whether as partner, depositor or creditor, within one month of their becoming aware of the death of such person. Until recently banks, all of which are now incorporated in consequence of the Banking Ordinance, have furnished this information. The Legal Adviser of one of the leading banks has however recently advised his clients that as this section applies only to unincorporated bodies, it is advisable that they should no longer furnish this information. The amendment in section 25 by clause 6 will rectify this position by bringing limited companies into the scope of this section. I understand that the banks have no objection.
Question proposed.
Motion made (pursuant to Standing Order No 30). That the debate on the second reading of the bill be adjourned-THE COLONIAL SECRETARY (SIR HUGH NORMAN-WALKER).
Question put and agreed to.
Explanatory Memorandum
Clause 2 amends section 6 so as to exempt altogether from estate duty gifts inter vivos and dispositions made prior to death, which would otherwise be dutiable, if they are made to a charitable institution or trust of a public character in the Colony.,
2. Paragraph (a) of clause 3 removes an inconsistency in paragraph (c) of section 10, which provides that no estate duty is payable in respect of a share registered in "a local register" under the Companies Ordinance. The latter Ordinance makes similar provision but refers to "a local or branch register kept out of the Colony".
Paragraph (b) of clause 3 inserts a new exemption from estate duty in respect of property devised, bequeathed or otherwise passing on death to, or for the benefit in the Colony of, a chari- table institution or trust of a public character.
3. Paragraph (a) of clause 4 inserts a new subsection (7A) in section 14. Its effect is to make both the executor and a person to whom property passes or accrues by survivorship accountable for estate duty thereon.
Paragraph (b) amends subsection (8) of section 14, to enable the Commissioner to obtain information from anyone whom he believes to be accountable for estate duty.
Paragraph (c) removes a minor ambiguity.