(Cam 12: 1956 Reprint).
44
Where the principal value of the estate
ww
H
Estate duty shall be payable
at the rate
per cent of
Exceeds
A
600,000 and does not exceed 700,000
700,000
14
Fe
H
ㄓ
800,000
15
--
800,000
ΤΗ
+4
"
900,000
16
"
900,000 1,000,000
1,000,000
17
++
AN
1.500.000
18
1,500,000
55
2,000,000
19
M
2,000,000
-
3,000,000
20
H
9,000,000
4,000,000
13
4,000,000
THE
M
5,000,000
27
H
5,000,000
T▷
→
H
7,000,000
7,000,000
H
10,000,000
33
D
10,000,000 15,000,000
IN
|
15,000,000
35
40
קדו
་་
་་
*
SEVENTH SCHEDULE.
30
[6. 32(4)]
1 & 4 Op. 6,
29.
Provisions supplementary to sections 31 to 42 inclusive.
7th Schechuda
Amounts to be taken into account in respect of benefits, and time when benefits are to be treated as accruing.
I. (0) The provisions of this paragraph shall have effect for the purpose of determining the amounts to be taken into account, for the purposes of subsection (2) of section 32, as the amounts of benefits accruing to the deceased from the company.
(2) No amount shall be taken into account more than once. (3) Where amount IS taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered, due regard shall be had to the effect that his receiving the benefit, or the power's being exercised, would have had in relation to other benefits.
(4) The amounts that are to be taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered, shall be such as would have fallen to be taken into account as benefits received by the deceased if he had acted in relation to the claiming to benefits and the cxercise of powers during the three years ending with his death to his greatest financial advantage, due regard being had to any consideration which he would have had to give in respect of a claim to any benefit or the exercise of any power.
(3) In making for the purposes of sub-paragraph (4) a computation of any diminution of income which the deceased would have sustained by giving any such consideration as is therein mentioned, or of any increase of income which the company would have obtained from any such consideration to be given to the company, it shall be assumed that the consideration would have yielded income equal to interest at the average rate on the amount or value thereof.
(6) The amounts to be taken into account shall include any tax charged under the Inland Revenue Ordinance, in respect of the benefits in question.
45
(7) The amount to be taken into account in respect of a benefit consisting of any enjoyment in specic of land or buildings or land and buildings or other property of the company or of a right thereover shall be the value of the enjoyment thereof for the period during which the benefit subsisted, and that value shall be calculated in the case of leasehold property situate in the Colony by reference to the annual assessment as ascertained for the purposes of section 5
of the Inland Revenue Ordinance, and in the case of other land or buildings or (Cp. 12 land and buildings by such method as the Commissioner may consider just and 1936 Reprint. reasonable.
2. (1) The provisions of this paragraph shall have effect for the purpose of determining
(a) whether a bencfit accruing to the deceased from the company is to be treated as having accrued to him during the three years ending with his death, or during a particular accounting year, or at any other relevant Line; and
(5) the period during which a benefit consisting of any enjoyment in specie of land or buildings or land and buildings or other property of the company or of a right thereover is to be treated as having subsisted, (2) A benefit consisting of profits of the company or a periodical payment which the deceased received, or became entitled to, but did not in fact, receive, shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof,
(3) A benefit consisting of profits of the company or a periodical payment which the deceased could have become entitled to receive by an exercise in the three years ending with his death of a power which was not in fact exercised or was surrendered shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof if he had acted as mentioned in sub-paragraph (4) of paragraph 1.
(4) A benefit consisting of interest on such a payment other than a periodical payment us is mentioned in section 33 which the deceased could have become entilled to receive shall be treated as having accrued to him in any accounting year to the extent to which the period during which the interest is to be treated as acorning fell within that year.
(5) A benefit consisting of any such enjoyment in specie as aforesaid shall be treated as having accrued to the deceased in the said three years if any part of the period during which il subsisted fell within those years, and shall be treated as baving accrued to him in any accounting year to the extent to which the period during which it subsisted fell within that year,
(6) A benefit consisting of any auch enjoyment in specie an aforesaid shall be treated as baving subsisted during the following period, that is to say-
(a) in the case of enjoyment that the deceased had, during the period for
which he had it;
(b) in the case of enjoyment which he became entitled to, but did not in
fact, have, during the period for which he could have had it:
(c) in the case of enjoyment which he could have become cutitled to have by an exercise in the three years ending with his death of a power was not in fact exercised or was surrendered, during the period for which he could have had it if he had acted as mentioned in sub-paragraph (4) of paragraph 1.
Adjustments or to Distributed Assets and Additions to Assels.
3. (1) Where the assets of the company passing on the death of the deceased by virtue of section 32 include any distributed assels, or by reason of the company's having been wound up or dissolved before the death consist of distributed assets, the following provisions of this paragraph shall have effect.
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