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Incam- hrances.
Interest in expectancy.
Prescribed,
Property.
Property passing on the death.
Settle- ment.
57 & 58 Vict
c. 30, a.
22 (2).
Estate Duty 57 & 58 Vict. c. 30, s. 1.
Schedules.
9 & 10 Geo. 5, c. 32,
6. 29.
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any person who takes possession of or inter- meddles with the property of a deceased person or any portion thereof.
"Incumbrances" includes mortgages and terminable charges.
"Interest in expectancy" includes an estate in remainder or reversion and every future interest whether vested or contingent, but does not include a reversion expectant upon the determination of leases.
**Prescribed" unless otherwise stated means prescribed by the Governor in Council under this Ordinance.
"Property" includes movable and immov. able property and the proceeds of sale thereof respectively and any money or investment for the time being representing the proceeds of sale,
"Property passing on the death" includes property passing either immediately on the death or after any interval, and either certainly or contingently, and either originally or by way of substitutive limitation, and "on the death" includes at a period ascertainable culy by reference to the denth".
**Settlement" means any non-testamentary disposition in writing, whether made voluntarily or upon a good or valuable consideration other than a bond fide pecuniary consideration, where- by any definite and certain property is settled or agreed to be settled in any manner for any purpose whatsoever.
(2) For the purposes of this Ordinance,- A person shall be deemed competent to dispose of property if he has such an estate or interest therein or such general power as would, if he were sui juris, enable him to dispose of the property; and "general power" includes every power or authority enabling the donce or other holder thereof to appoint or dispose of property as he thinks fit, whether exerciseable by instrument inter vivos or by will, or both, but exclusive of any power exerciseable either in a fiduciary capacity under a disposition not made by himself or as mortgagee.
A disposition taking effect out of the interest of the deceased person shall be deemed to have been made by him, whether the concurrence of any other person was or was not required.
Money which a person has a general power to charge on property shall be deemed to be property of which he has power to dispose.
4. In the case of every deceased person there shall, save as hereinafter expressly provided, be levied and paid upon the principal value, ascertained as berein- after provided, of all property passing on the death of such person, a stamp duty called estate duty at the graduated rates mentioned in the applicable Schedule. Provided that, where the principal value of an estate comprises a fraction of one hundred dollars, such fraction shall, for the purpose of determining the amount of estate duty payable, be reckoned as one hundred dollars.
Provided also that where an interest in expectancy in any property has, before the twenty-seventh day of February, 1931, been bona fide sold or mortgaged for full consideration in money or money's worth, then no higher duty on that property shall be payable by the purchaser or mortgagee when the interests falls into possession than is in accordance with the rates
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mentioned in the Second Schedule, and in the case of a mortgage any higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee.
5. (1) Property passing on the death of the What pro- deceased shall be deemed to include the property perly is following:-
deemed to pass on death.
(a) property of which the deceased was at the 57 & 58 Vict.
time of his death competent to dispose;
c. 30, s.
2 (1).
or any 63 Vict.
(b) property in which the deceased
other person had an interest ceasing on 4. 7, s. 11; the death of the deceased, to the extent 10 Edw. 7, to which a benefit accrues or arises by the . 8, s. 59. cesser of such interest, and such property shall be deemed to pass on the death of the deceased notwithstanding that that estate or interest has been surrendered, assured, divested or otherwise disposed of, whether for value or not, to or for the benefit of any person entitled to an estate or interest in remainder or reversion in such property, unless that surrender, assurance, divesting
Or
or disposition was bond fide made effected three years before the death of the deceased, and bond fide possession and enjoyment of the property was assumed thereunder immediately upon the surrender, assurance, divesting or disposition, and thenceforward retained to the entire exclu- sion of the person who had the estate or in- terest limited to cease as aforesaid, and of any benefit to him by contract or otherwise : Provided that where property affected by such a surrender, assurance, divesting or disposition 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 surrender, assurance, divesting cr 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 otherwise, 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 otherwise, for a period of three years immediately preceding the death of the deceased: Provided also that this paragraph shall not apply to any property the interest in which of the deceased or other person was only an interest as holder of an office or as recipient of the benefits of a charity or as a corpora- tion sole;
(e) property taken as a donatio mortis causa 44 & 45 Vict.
made by the deceased or taken under a c. 12. disposition made by him, purporting to s. 38 (2); operate as an immediate gift inter vivos, 52 & 53 Vict. whether by way of transfer, delivery, dec. c. 711;
57 & 58 Vict. laration of trust, or otherwise, which shall
c, 30, not have been bond fide made three years s. 2 (1); before his death, or taken under any gift, 10 Edw. 7. whenever made, of which property bond fide 8, s. 59. possession and enjoyment shall not have been assumed by the donee immediately upon the gift and thenceforward retained to the entire exclusion of the donor or of any benefit to him by contract or otherwise Provided that this paragraph shall not apply
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