Amenadzment of pection 15.
trihome KHI
Twelth
Schedule.
Tembeling
of Tuhteenth
Schedule and
jokerbom of new
Thirteenth
Schedule.
2
"(1) to determining the value of an estate for the purpose of estate duty, allowance shall be made for reasonable funeral expenses incurred in the Colony not exceeding-
(d) in the case of persons dying before the 1st January 1963. $1,000 or 24 per cear of the ascertained value of the estate, whichever is the smaller
(5) In the case of persons dying on or after the 1st January 1963 but before the 1st April 1972, $2,000 or 24 per cent of the ascertained value of the estate, whichever is the smaller;
J
(c) in the case of persons dying on or after the 1st April 1972 but before the commencement of the Estate Duty (Amend- ment) Ordinance 1977, $5,000 or 24 per cent of the ascer tained value of the estate, whichever is the smaller;
(d) in the case of persons dying on or after the commencement
of the Estate Duty (Amendment) Ordinance 1977, $10,000,
and for debts and incumbrance, but an allowance shall not be made- (i) for debts incurred by the deceased and incumbrances created by a disposition made by the deceased, unless such debts or incumbrances were incurred or created bona fide for full consideration for money or money's worth, wholly for the deceased's own use and benefit and take effect out of bis interest; nor
(ii) for say debt in respect whereof there is a right to reim- bursement from any other estate or person unless such reimbursement cannot be obtained; nor
(i) more than once for the same debt or incumbrance changed
upon different portions of the estate,
and any debt or incumbrance for which an allowance is made shall be deducted from the value of the property liable thereto.".
4. Section 35(4) of the principal Ordinance is amended by deleting ""Thirteenth" and substituting the following-
"Fourtecath".
5. The Twelfth Schedule to the principal Ordinance is amended by deleting "until this Schedule is superseded" and substituling the following-
6
"before the commencement of the Estate Duty (Amendment) Ordinance 1977".
The principal Ordinance is amended-
(a) by renumbering the Thirteenth Schedule as the Fourteenth
Schedule; and
(b) by inserting before the Fourteenth Schedule (as so renumbered)
the following new Schedule-
3
"THIRTEENTH SCHEDULE
(ss. 3. 5, 14, 16, 17, 23, 24 & 27.1
(Persons dying on or after the commencement of the Estale Duty (Amendment) Ordinance 1977 and unul this Schedule is superseded)
Where the principal value of the catate
נו
Estalo duty shall be payable
at the rate
per cent of
$
$
Exceeds
10
H
400.000 and does not exceed 500.000 $50.000
500,000
T
++
350.000
#
500.000
K
600.000 650,000
w
*
650.000
10
M
700,000
11
700.000
m
--
800.000
12
800.000
900,000
13
P
900,000
N
M
1,000,000
14
1,000,000
H
1,500.000
15
1,500,000
JJ
H
2,000,000
16
**
2,000,000 3,000,000
the
3,000,000
17
18
1977.
帆
יו
ו
Passed by the Hong Kong Legislative Council this 1st day of June,
&
Clerk to the Legislative Council.
This printed impression has been carefully compared by me with the bill, and is found by me to be a "trügend correctly printed copy of the suid bi
Clerk to the Legislative Council.