ཡ——
1389
settlements.
25.-(1) If estate duty has already been paid in Relief in respect of any settled property since the date of the the case settlement, upon the death of one of the parties to of certain a marriage, no estate duty shall be payable on the 57 & 58 Vict. death of the other party to the marriage unless such c. 30, s. 5 (2). person was at the time of his or her death or had 4 & 5 Geo. 5, been at any time during the continuance of the settle- c. 10, s. 14. ment competent to dispose of such property.
(2) For the purposes of this section, the term settlement means any deed, will, agreement 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 instruments 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 settlement.
succession
26. Where the Commissioner is satisfied that estate Relief in duty has become payable on any property consisting respect of of leasehold property or a business (not being a quick business carried on by a company), or any interest where in leasehold property or such a business, passing upon property the death of any person, and that subsequently within consists of five years estate duty has again become payable on leasehold the same property or any part thereof passing on the property or death of the person to whom the property passed on 4 & 5 Geo 5, the first death, the amount of estate duty payable c. 10, s. 15. on the second death (if the death occurs on or after the 27th day of February, 1931), in respect of the property so passing shall be reduced as follows:-
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 ex- ceeds 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.
a business.
27. The amount of estate duty payable on an estate Reduction at the rate applicable thereto under the scale of rates of full of duty shall, where necessary, be reduced so as not to amount of exceed the highest amount of duty which would be the margin duty where payable at the next lower rate, with the addition of above the the amount by which the value of the estate exceeds limit of the value on which the highest amount of duty would value is
small. be so payable at the lower rate.
4 & 5 Geo. 5, c. 10, s. 13 (1).
28.-(1) In the case of settled property, where the Relief in interest of any person under the settlement fails or the case of determines by reason of his death before it becomes an interest in possession, and subsequent limitations which do under the settlement continue to subsist, the property not fall shall not be deemed to pass on his death.
certain interests
into posses- sion.
57 & 58 Vict. e. 30, s.
5 (3).