Trust property.
Exceptions
for transac- tions for money con- sideration, and certain property situate out- side the Colony.
Aggregation of property to form one estate for purpose of estate duty.
Payment of estate duty.
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(e.) property passing under any past or future settlement made by the deceased by deed or any other instrument not taking effect as a will, whereby an interest in such property, or the proceeds of sale thereof, for life or any other period determinable by reference to death is reserved, either expressly or by implication, to the settlor, or whereby the settlor may have reserved to himself the right by the exercise of any power to restore to himself, or to re- elaim the absolute interest in such property or the proceeds of sale thereof; (f.) any annuity or other interest purchased or provided by the deceased either by himself aloue or in concert or by arrangement with any other person, to the extent of the beneficial interest accruing or arising by survivorship or otherwise on the death of the deceased.
(2.) Property passing ou the death of the deceased shall not be deemed to include property held by the deceased as trustee for another person, under a disposition not made by the deceased or under a disposition made by the deceased more than twelve months before his death where posses- sion and enjoyment of the property was bonâ fide assumed by the beneficiary immediately upon the creation of the trust and thenceforward retained to the entire exclusion of the deceased or of any benefit to him by contract or otherwise.
6. Estate duty shall not be payable in respect of :-
(1.) Property passing on the death of the deceased by reason only of a bonâ fide purchase from the person under whose disposition the property passes nor in respect of the determination of any annuity for lives where sneh purchase was made or such annuity granted for full con- sideration 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 deduc- tion from the value of the property for the purpose of estate duty.
(2.)—(a.) Immovable property situate outside the
Colony.
(b.) Movable property situate in the United King-
dom.
(c.) Movable property situate in any other British Possession or in any foreign country passing on the death of a person who at the time of his death was not domiciled in the Colony. (d.) Movable property situate in any other British ·
Possession or in any foreign country passing on the death of a person who at the time of his death was domiciled in the Colony when the Commissioner is satisfied that estate duty or a duty in the nature of estate duty is pay- able on account of the said death in respect of such property in such other British Possession or foreign country.
7-(1.) For determining the rate of estate duty to be paid on any property passing on the death of the deceased, all property so passing shall be aggregated so as to form
one estate.
(2.) In determining the rate of estate duty chargeable, the value of all the property of the deceased situate outside the Colony shall be included as well as the value of the property of the deceased situate within the Colony.
8.-(1.) Estate duty shall be payable as hereinafter mentioned.