1959-HKRS28-8-26_Part01 — Page 12

Amendment

20

(5) For the purposes of paragraph (a) of subsection (4) the value of any interest in a policy

of assurance or moneys received under such a policy shall be arrived at by apportioning the total value of the policy or moneys according to the respective values of the interest in question and of the interest a person would have if, except for the interest in question, he were absolutely and indefeasibly entitled to the policy or moneys.".

6. Section 10 of the principal Ordinance is amended by the of section 10. addition after subsection (1) of the following new subsection-

**2 & 3 Cheo. & 0.41.

* 31(1).

6 & 7 Geo. 6. c. 18,

1L 26,

(IA) Any allowance which but for this subsection would be made under subsection (1) for a debt incurred by the deceased as mentioned in paragraph (a) of that subsection, or for an incumbrance created by a disposition made by the deceased, as therein mentioned shall be sub- ject to abatement to an extent proportionate to the value of any of the consideration given therefor which consisted of-

(a) property derived from the deceased; or (b) consideration not being such property as afore- said, but given by any person who was at any time entitled to, or amongst whose resources there was at any time included, any property derived from the deceased:

Provided that if, where the whole or a part of the con- sideration given consisted of such consideration as is mentioned in paragraph (6) of this subsection, it is proved to the satisfaction of the Commissioner that the value of the consideration given, or of that part thereof, as the case may be, exceeded that which could have been rendered available by application of all the property derived from the deceased, other than such, if any, of that property as is included in the consideration given or as to which the like facts are proved in relation to the giving of the considera- tion as are mentioned in the first proviso to paragraph (f) of subsection (1) of section 6 in relation to the purchase or provision of an annuity or other interest, no abatement shall be made in respect of the excess, and in this subsection the expressions "property derived from the deceased" and "subject matter" have the meanings respectively attributed to them in paragraph (f) of subsection (1) of section 6.”.

7.

2

Section 11 of the principal Ordinance is amended-

(a) by the addition after subsection (6) of the following new

subsection-

*1 & 4 Oep, 6, c. 29, 9. 57(1).

(6A) Subsection (6) shall apply to any com- pany on a death on which it appears to the Com- missioner that section 32 or section 41 has effect in respect of that company, and to every person who is or was at any time an officer, or an auditor of that company, as it applies to a person whom the Commissioner believes to have taken posses- sion of or administered any part of an estate in respect of which estate duty is leviable.":

(b1 by the addition in subsection (14) after the words "one

thousand dollars" of the following-

23 & 4 Gce.

6. 2. 29.

s. $702).

or in the case of such company as is referred to in subsection (6A), or the auditor or officer of such a company, five thousand dollars”.

Amendment

of section 11.

8. Section 12 of the principal Ordinance is amended by the Amendment deletion from subsection (1) of the words "that the estate duty payable

in respect of the estate" and the substitution therefor of the following- "that the estate duty payable by the executor upon the estate in respect of which probate or letters of administration is sought".

of section 12.

9. Section 22 of the principal Ordinance is amended by the Amendment deletion from subsection (1) of the words "as defined by the Companies of section 22. Ordinance, or a company, association or partnership formed under or

in pursuance of some other Ordinance or Act, or of a charter of incorporation, or of letters patent”.

new sections

10. The principal Ordinance is amended by the addition after Addition of section 30 of the following new sections- "Controlled companies,

31. (1) The companies to which sections 32, 38, 41 and 42 respectively apply are any company which, at any 12 & 13 Geo. relevant time, is deemed to have been under the control

3. c. 17,

s. 21(6). 16 Geo. 5. and | Edw.

6, c. 34,

1. 19 and 3 & 4 Geo. 6. c. 29,

5. 5901)

26 Geo. 3,

and 1 Edw.

8. c. 34, 5. 19(1)

(a) da (5).

of not more than five persons not being a company which, at any such time, is deemed to have been either a sub- sidiary company or a company in which the public were substantially interested.

(2) A company shall be deemed to be under the control of not more than five persons-

(a) if any five or fewer persons together exercise, or are able to exercise, or are entitled to acquire,

31 to 42.