73
Amendment
of Ordinance
No. 16 of
1915, s. 20.
Repeal of Ordinance No. 16of 1915, &. 22, and substita' tion of new section.
Insertion of
new 88. 24.
25, 26, 27 and 28 in
Ordinance
No. 16 of 1915.
8
(4) The Commissioner shall have power to allow in writing the use of any specified part of the estate of a deceased person, or of any specified part of the income of any such estate, for the purpose of the burial of the deceased or for the purpose of the maintenance of the former dependants of the deceased, notwith- standing the non-delivery of the accounts required by section 10 of this Ordinance, or for the purpose of preparing such accounts, and such authorised use of the estate or income as the case may be shall not render the person in question liable to any of the penalties provided by this section.
.
(5) The recovery of any penalty provided in this section shall be without prejudice to the liability of the accountable person to the payment of estate duty on the estate of the deceased: Provided however that the amount of the estate duty and the penalty shall not in any case cxcced four times the rate set out in the applicable Schedule.
(6) For the purposes of this section no account shall be deemed to have been delivered until the duty which reasonably appears to be payable in respect thereof has been paid, unless the Commissioner shall have allowed payment of the estate duty in respect of the said account to be postponed.
13, Section 20 of the principal Ordinance is amended as follows:-
17
(a) The words "a penalty" are substituted for the
words "the sum" in the fifteenth line of sub- section (1).
(b) Sub-section (2) is repcaled.
(c) The word "penalty" is substituted for the word 'sum "in the second line of sub-section (3), and the words a debt" in the third line of sub-sec- tion (8) are deleted.
14. Section 22 of the principal Ordinance is repealed, and the following section is substituted therefor
Power to reduce penalty and duty.
22. The Commissioner tay in his discretion remit or reduce any penalty and he may reduce any duty chargeable under this Ordinance, provided that such duty is not reduced below the mute set out in the applicable Schedule.
15. The following sections are inserted in the principal Ordinance immediately after section 23 :--
Presumption 24. (1) If the registered owner of any as to shares sure où a share register which is by law standing in the name of required to be kept within the Colony dies, the deceased, such shure shall for the purposes of this Ordi- Bance be deemed to be part of the estate of The deceased, unless the legal personal repre- sentative of the deceased proves to the satis- faction of the Commissioner that such share did not form part of the estate of the deceased at his death.
Appeal.
Relief in the
tain settle-
ments.
57 & 58
Vict. e. 30,
(2) An appeal to the Supreme Court, as under section 17 of this Ordinance, shall lie from any decision of the Commissioner under sub-section (1) of this section.
25.-(1) If estate duty has already been case of cer- paid in respect of any settled property since the date of the settlement) upon the death of one of the parties to marriage, no estate duty shall be payable on the death of the other party to the marriage unless such person was at the time Geo. 5, c. 10, his or her death or had been at any time during the continuance of the settlement com- petent to dispose of such property.
8. 5 (2). 4 and 5
8. 14.
consists of leasehold
property or
9
-
(2) For the purposes of this section, the term settlement means any deed, will, agree- ment 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 succès- sion, and the term settled property means the property comprised in a settlement.
Relief in 26. Where the Commissioner is satisfiel respect of
that estate duty has becom payable on any quick succes- sion where property consisting of leased property or a property
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 a business.
any person, and that subsequently within five 4 & 5 Geo. 5, years estate duty has again become payable c. 10, s. 15. on the same property or any part thereof pass- ing on the death of the person to whom the property passed on the first death, the amouną, of estate duty payable on the second death (if ̈ that death occurs after the passing of this Ordinance) in respect of the property so pass- ing shall be reduced as follows:-
Reduction of full amount of duty where the margin
above the
Where the second death occurs within one year of the first death, by fifty per cent ;
Where the second death occurs withia 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 exceeds the value, ou 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 ealculating the amount of duty on which the reduction under this section is to be calculated.
27. The amount of estate duty payable on an estate at the rate applicable thereto under the scale of rates of duty shall, where neces- sary, be reduced so as not to exceed the highest amount of duty which would be payable at the limit of value next lower rate, with the addition of the is small.
amount by which the value of the estate 4 and 5 Geo, 5, c. 10, excee Is the value on which the highest amount 9. 13 (1).
of duty would be so payable at the lower rate,
Relief in the
case of
certain intorests
28.-(1) In the case of settled property, where the interest of any person under the settlement fails or determines by reason of his which do not death before it becomes an interest in posses- sion, and subsequent limitations nader the settlement continue to subsist, the property shall not be deemed to pass on his death,
fall into possession.
57 & 58 Vict. c. 30, B. 5 (3).
(2) For the purposes of this section, the term settlement means any deed, will, agroe- ment for a settlement, or other instrument, or any number of instruments, whether made hefore or after or partly before and partly after the commencement of this Ordinance, under
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