Relief in respect of
quick succes- sion where property consists of leasehold property or a business.
124
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E
26. Where the Commissioner is satisfied that estate duty has become payable on any property consisting of leasehold property or a business (not being a business carried on by company), or any interest in leasehold property or such a business, passing upon the death of any person, and that subsequently within five 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 amount of estate duty payable ou 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 ceat ;
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 calenlated.
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 next lower rate, with the addition of the amount by which the value of the estate Geo. 5, c. 10, excee is the value on which the highest am but s. 13 (1). of duty would be so payable at the lower rate.
limit of value
is small. 4 and 5
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, agres- ment for a settlement, or other justrument, 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 instrą, 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.