100
Ordinance
No. 58 of 1911, s. 35 (8) (0).
Ordinance No. 34 of 1910
Aggregation of property
to form one estate for purpose of
estate duty. 57 & 58 Vict
c. 30, s. 4.
Payment of estate duty 57 & 58 Virt. c. 30, s. 6. Mode of payment,
Provision
values.
0
(3) any share or other interest of a deceased mem- ber of a company registered in a local register under the Companies Ordinance, 1911;
(1) any land situated in the New Territories in respect of which a successor has been registered by the Land Oleer under the first clause of section 29 of the New Territories Regulation Ordinance, 1910; Provided that this exception shall not apply to any land which forms part of an estate of which probate or letters of administration have been granted by the Supreme Court.
deceased (5) Any share or other interest of a member of a China company, as defined by the Com- panies Ordinances 1911, and 1925 in such company.
7. For determining the rate of estate duty to be paid on any property passing on the death of the deceased, all property so passing in respect of which estate duty is payable shall be aggregated so as to form one estate.
8. (1) Estate duty shall be payable as hereinafter mentioned,
(2) The executor of the deceased shall pay the estate duty in respect of all property, of which the deceased was competent to dispose at the date of his death. on delivering the affidavit for the Com- missioner, by stamps affixed thereon, and may pay in like manner the estate duty in respect of any other property passing on such death, which by virtue of any testamentary disposition of the deceased is under the control of the executor, or, in the cas> of property not under his control, if the persons ac countable for the estate duty in respect thereof request him to make such payment.
(3) Where the executor does not know the amount for unknown or value of any property which has passed on the death, he may state in the affidavit for the Coin- missioner that such property exists, but that he does not know the amount or value thereof and that he undertakes as soon as the amount and value are ascertained to bring in an account thereof and to pay both the estate duty for which he is or may be liable and any further estate duty payable by reason there- of for which he is or may be liable in respect of the other property mentioned in the affidavit,
Collection from others than executor.
Estate in- cludes
accrued
income.
Interest payable on estate duty.
Date when? duty shall become
due.
(4) Estate duty so far as not paid by the executor shall be paid by stamps affixed to an account setting forth the particulars of the property and delivered to the Commissioner within six months after the death, by the person accountable for the estate duty; or within such further time as the Commissioner may allow. Such duty shall be paid on delivering the account.
(5) Every estate shall include all income accrued upon the property included therein down to and outstanding at the date of the death of the deceased.
(6) Interest at the rate of four per cent, per annum on the estate duty shall be paid from the date of the death up to the date of the delivery of the affidavit or account, or the expiration of six months after the death, whichever first happens, and subject as aforesaid interest at the rate of eight per cent. per annum for the period during which it remains unpaid shall accrue on the estate duty payable.
(7) The estate duty which is to be collected upon an affidavit for the Commissioner or on an account, shall be due on the delivery thereof or on the expira- tion of six months from the death, whichever first happens.
7
9. (1) In determining the value of an estate for Allowance the purpose of estate duty, allowance shall be made for debts for reasonable funeral expenses incurred in the Colony and funeral
expenses. half not exceeding one thousand dollars or two and
57 & 58 Vict. per cent, of the ascertained value of the estate, which- c. 30s. ever 18 the smaller, and for debts and incumbrances, 7 (1). but an allowance shall not be made-
(a) for debts incurred by the deceased and in- cumbrances created by a disposition made by the deceased, unless such debts or incumbrances were incurred or created bond fide for full consideration for money or money's worth wholly for the deceased's own use and benefit and take effect out of his interest; nor
(b) for any debt in respect whereof there is a right to reimbursement from any other estate or person unless such reimbursement cannot be obtained; nor
(c) more than once for the same debt or in- cumbrance charged upon different portions of the estate;
and any debt or incumbrance for which an allowance
is inade shall be deducted from the value of the property liable thereto.
(2) Where a debt or incumbrance has been incurred Limitation or created in whole or in part for the purpose of or a debts
deductible in consideration for the purchase or acquisition or from value extinction, whether by operation of law or otherwise, of estate.
of any interest in expectancy in any property passing 10 Edw, 7, or deemed to pass on the death of a deceased person, c. 8, s. 57. and any person whose interest in expectancy is so purchased, acquired, or extinguished becomes (under any disposition made by, or through devolution of law from, or under the intestacy of, the deceased) entitled to any interest in that property, then in determining the value of the estate of the deceased for the purpose of estate duty no allowance shall be made in respect of such debt or incumbrance, and any property charged with any such debt or incumbrance shall be deemed to pass freed from that debt or incumbrance:
Provided that:--
(a) if part only of such debt or incumbrance was incurred or created for such purpose or as such consideration as aforesaid, this pro- vision shall apply to that part of such debt or incumbrance only; and
(b) if a person whose interest in expectancy in the property so purchased, acquired, or ex- tinguished becomes entitled to an interest in part only of that property, this provision shall apply only to such part of the debt or incumbrance as bears the same proportion to the whole debt or incumbrance as the value of the part of the property to an interest in which he becomes entitled bears to the value of the whole of that property.
(3) No allowance shall be made for debts duo from the deceased, other than debts contracted in the Colony to persons ordinarily resident therein, unless charged on property situate within the Colony.
(4) (a) The principal value of any property shall Value of be estimated to be the price which, in the opinion of property. the Commissioner, such property would fetch if sold 57 58 Vict.
c. 30 s. in the open market at the time of the death of the 7 (5). deceased.
10 Edw. 7.
c. 8, s. 60.
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