در
2
17-
27. The amount of estate duty payable on an estate Reduction at the rate applicable thereto under the scale of rates of full
amount of of duty shall, where necessary, be reduced so as not to
duty where exceed the highest amount of duty which would be the margin payable at the next lower rate, with the addition of above the the amount by which the value of the estate exceeds limit of value is the value on which the highest amount of duty would be so payable at the lower rate.
small. 4 & 5 Geo. 5, c. 10, s. 13 (1).
certain
28.—(1) In the case of settled property, where the Relief in interest of any person under the settlement fails or the case of determines by reason of his death before it becomes interests an interest in possession, and subsequent limitations which do under the settlement continue to subsist, the property not fall shall not be deemed to pass on his death.
into posses- sion.
57 & 58 Vict.
c. 30, s.
(2) For the purposes of this section, the term settle- 5 (3). ment 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 27th day of February 1931, 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 terin settled property means the property comprised in a settlement.
29. The table in the Third Schedule may be used. Calculation where applicable, in the calculation of reversionary of reversion- interests.
ary interests. Third Schedule.
30. The Estate Duty Ordinance, 1915, and the Repeal of Estate Duty Amendment Ordinance, 1931, are re- Ordinances pealed.
No. 16 of
Passed the Legislative Council of Hong Kong, this 25th day of February, 1932.
1915 and
No. 6 of
1931.
R. A. C. NORTH,
Deputy Clerk of Councils.
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