Relief in respect of
94
26. Where the Commissioner is satisfied that estate duty has become payable on any quick succes- sion where
property consisting of leasehold property or a property
business (not being a business carried on by a consists of
company), or any interest in leasehold property leasehold
or such a business, passing upon the death of property or
any person, and that subsequently within five a business. 4 & 5 Geo. 5, years estate duty has again become payable on the same property or any part thereof pass- ing on the death of the person to whom the property passed on the first death, the amoun‡ of estate duty payable on the second death (if that death occurs after the passing of this Ordinance) in respect of the property so pass- ing shall be reduced as follows :—
c. 10, s. 15.
Reduction of full amount of duty where the margin
above the
Where the second death occurs within one year of the first death, by fifty
per cent ;
Where the second death occurs within two years of the first death, by forty per cent;
Where the second death occurs within three years of the first death, by thirty per cent ;
Where the second death occurs within
four years of the first death, by twenty per cent ;
Where the second death occurs within
five years of the first death, by ten per cent.
Provided that where the value, on which the duty is payable, of the property on the second death exceeds the value, on which the duty was payable, of the property on the first death, the latter value shall be substituted for the former for the purpose of calculating the amount of duty on which the reduction under this section is to be calculated.
27. The amount of estate duty payable on an estate at the rate applicable thereto under the scale of rates of duty shall, where neces- sary, be reduced so as not to exceed the highest amount of duty which would be payable at the limit of value next lower rate, with the addition of the is small.
amount by which the value of the estate exceeds the value on which the highest amount of duty would be so payable at the lower rate.
4 and 5
Geo. 5, c. 10, 8. 13 (1).
Relief in the case of
certain
interests
28.-(1) In the case of settled property, where the interest of any person under the settlement fails or determines by reason of his which do not death before it becomes an interest in posses- sion, and subsequent limitations under the settlement continue to subsist, the property shall not be deemed to pass on his death.
fall into
possession.
57 & 58 Vict. c. 30, s. 5 (3).
(2) For the purposes of this section, the term settlement means any deed, will, agree- ment for a settlement, or other instrument, or any number of instruments, whether made before or after or partly before and partly after the commencement of this Ordinance, under or by virtue of which instrument or instru- ments any property, or any estate or interest in any property, stands for the time being limited to or in trust for any persons by way of succession, and the term settled property means the property comprised in a settle-
ment.
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