Exception
to passing of pro- perty on enlarge- ment of interest of settlor.
59 & 60 Vict. c. 28, s. 14.
Reverter of property to disponer.
59 & 60 Vict. c. 28, s. 15.
Exceptions
for transac- tions for money con sideration, property situate out- side the Colony, shares on local registers and certain land in the New Terri. tories.
57 & 58 Vict, c. 30, s. 3.
Ordinance No. 58 of 1911, s. 35 18) (b).
Ordinance No. 34 of
1378
of the deceased if subsequently, by means of the surrender of the benefit reserved or otherwise, it is enjoyed to the entire exclusion of the deceased or such other person as aforesaid and of any benefit to him by contract or otherwise, for a period of three years immediately preceding the death of the deceased.
(3) Where property is settled by a person on himself for life, and after his death on any other person with an ultimate reversion of an absolute interest or absolute power of disposition to the settlor, the property shall not be deemed for the purpose of this Ordinance to pass to the settlor on the death of any such other person after the commencement of this Ordinance, by reason only that the settlor, being then in possession of the property as tenant for life, becomes, in con- sequence of such death, entitled to dispose of the whole property.
(4) (a) Where by a disposition of any property an interest is conferred on any person other than the disponer for the life of such person or determinable on his death, and such person enters into possession of the interest and thenceforward retains possession thereof to the entire exclusion of the disponer or of any benefit to him by contract or otherwise, and the only benefit which the disponer retains in the said property is subject to such life or determinable interest, and no other interest is created by the said disposition, then, on the death of such person the property shall not be deemed for the purposes of this Ordinance to pass by reason only of its reverter to the disponer in his lifetime.
(b) Where by a disposition of any property any such interest as above in this sub-section mentioned is conferred on two or more persons, either severally or jointly, or in succession, this sub-section shall apply in like manner as where the interest is conferred on one person.
(c) Provided that paragraphs (a) and (b) shall not apply where such person or persons taking the said life or determinable interest had at any time prior to the disposition been himself or themselves com- petent to dispose of the said property.
6. Estate duty shall not be payable in respect of--
(1) property passing on the death of the deceased by reason only of a bona fide purchase from the person under whose disposition the property passes nor in respect of the determination of any annuity for lives where such purchase was made or such annuity granted for full consideration in money or money's worth paid to the vendor or grantor for his own use or benefit. Where any such purchase was made, or annuity granted for partial consideration in money or money's worth paid to the vendor or grantor for his own use or benefit, the value of the consideration shall be allowed as a deduction from the value of the property for the purpose of estate duty;
(2) property situate outside the Colony;
(3) any share or other interest of a deceased mem- ber of a company registered in a local register under the Companies Ordinance, 1911;
(4) any land situated in the New Territories in respect of which a successor has been registered by the Land Officer under the first clause of section 29 of the New Territories Regulation Ordinance, 1910; Provided that this exception shall not apply to any land which forms part of an estate of which probata
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