Estate Duty.
[CAP. 111
as to shares
standing in
the name of
the deceased.
26. (1) If the registered owner of any share on a share Presumption
register which is by law required to be kept within the Colony dies, such share shall for the purposes of this Ordinance be deemed to be part of the estate of the deceased, unless the legal personal representative of the deceased proves to the satisfaction of the Commissioner that such share did not form part of the estate of the deceased at his death.
(2) An appeal to the Supreme Court as under section 19 Appeal.
of this Ordinance, shall lie from any decision of the Commissioner under subsection (1).
[24]
duty
the case
of certain
settlements.
57 & 58 Vict.
c. 30, s. 5 (2).
27. (1) If estate duty has already been paid in respect Relief in
of any
settled property
since the date of the settlement, upon the death of one of the parties to a marriage, no estate shall be payable on the death of the other party to the marriage unless such person was at the time of his or her death or had been at any time during the continuance of the settlement 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.
[25]
28. Where the Commissioner is satisfied that estate duty has become payable on any property consisting of leasehold property or a business (not being a business carried on by a company), or any interest in leasehold property or such a business, passing upon the death of any person, and that subsequently within five years estate duty has again become payable on the same property or any part thereof passing on the death of the person to whom the property passed on the first death, the amount of estate duty payable 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;
4 & 5 Geo. 5,
c. 10, s. 14.
respect of
Relief in quick
where consists of
property or
4 & 5 Geo. 5,
succession
property
leasehold
a business.
c. 10, s. 15.
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