Reduction of full
amount of
duty where the margin
166
27. The amount of estate duty payable on an estate at the rate applicable thereto under the scale of rates of duty shall, where necessary, 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 exceeds the value on which the highest amount of duty would 4 & 5 Geo. 5, be so payable at the lower rate. c. 10, s.
above the limit of value is small.
13 (1).
Relief in
the case of
certain interests which do not fall
into posses- sion.
57 & 58 Vict. c. 30, s.
5 (3).
Calculation
28. (1) In the case of settled property, where the interest of any person under the settlement fails or determines by reason of his death before it becomes an interest in possession, and subsequent limitations under the settlement continue to subsist, the property shall not be deemed to pass on his death.
(2) For the purposes of this section, the term settle- ment 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 27th day of February 1931, 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 terin settled property means the property comprised in a settlement.
29. The table in the Third Schedule may be used, of reversion where applicable, in the calculation of reversionary
ary interests.
Third Schedule.
Repeal of Ordinances No. 16 of 1915 and No. 6 of
1931.
interests
30. The Estate Duty Ordinance, 1915, and the Estate Duty Amendment Ordinance, 1931, are re- pealed.