155
10 Edw. 7 c. 8. s. 59.
(2.) Property passing on the death of the deceased shalf Trust not be deemed to include property held by the deceased as property. trustee for another person, under a disposition not made by 57 and 58 'the deceased or under a disposition made by the deceased
Vict. c. 30, s. 2 (3): more than three years before his death where possession 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: Provided that where property taken under such a deposi- tion as aforesaid is deemed to be property passing on the death of the deceased by reason only that the property was not, as from the date of the disposition, retained to the entire exclusion of the deceased or a person who had an estate or interest limited to cease on the death of the deceased, and of any benefit to him by contract or other- wise, the property shall not be deemed to pass on the death 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 other- wise, for a period of three years immediately preceling the
death of the deceased.
(3.) Where property is settled by a person on himself Exception to for life, and after his death on any other person with an passing of ultimate reversion of an absolute interest or absolute power enlargement property ou of disposition to the settlor, the property shall not be of interest deemed for the purpose of this Ordinance to pass to the of settlor. settlor ou the death of any such other person after the 59 and 60 commencement of this Ordinance, by reason only that the Vict. c. 28, settlor, being then in possession of the property as tenant S. 14. for life, becomes, in consequence of such death, entitle to dispose of the whole property,
Reverter of
(4.)-(a.) Where by a disposition of any property an interest is conferred on any person other than the disponer property
to disponer. for the life of such person or determinable on his death, and such person enters into possession of the interest and 59 and 60
Vict. c. 28, thenceforward retains possession thereof to the entire exclu-
s. 15, sion 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 disposi- tion, theu, ou the death of such person after the commence- ment of this Ordinance the property shall not be deemed for the purpose 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, cither 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 the foregoing sub-section shall not apply where such person or persons taking the said life or determinable interest had at any time prior to the dis- position been himself or themselves competent to dispose of the said property,
+
Exceptions for transac- tions for money con-
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 sideration, passes nor in respect of the determination of property any annuity for lives where such purchase was situate out- made or such aumnity granted for full con- side the Colony, sideration in money or money's worth paid to and shares the vendor or grantor for his own use or on local benefit. Where any such purchase was made, registers. or annuity granted for partial consideration in 57 and 58 money or money's worth paid to the vendor or
Viet. e. 30, s. 3. grantor for his own use or benefit the value of the consideration shall be allowed as a deduc- Ord. No. 58 tion from the value of the property for the
of 1911, s. 35 (8) (b.). purpose of estate duty.