CO129-530-8 Estate Duty Ordinance- 1931- Bill 27-2-1931 - 15-12-1931 — Page 47

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(2) For the purposes of this section, the term settlement 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 commencement of this Ordinance, 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 term settled property means the property comprised in a settlement.

where

26. Where the Commissioner is satisfied that estate Relief in duty has become payable on any property consisting respect of of leasehold property or a business (not being a quick business carried on by a company), or any interest. succession in leasehold property or such a business, passing upon property the death of any person, and that subsequently within consists of five years estate duty has again become payable on leasehold the same property or any part thereof passing on the property or death of the person to whom the property passed on 4 & 5 Geo 5, the first death, the amount of estate duty payable c. 10, s. 15. on the second death (if the death occurs on or after the 27th day of February, 1931), in respect of the property so passing shall be reduced as follows:-

Where the second death occurs within one year

of the first death, by fifty per cent; Where the second death occurs within two years of the first death, by forty per cent; Where the second death occurs within three years of the first death, by thirty per cent; Where the second death occurs within four years of the first death, by twenty per cent; Where the second death occurs within five years

of the first death, by ten per cent.

Provided that where the value, on which the duty is payable, of the property on the second death ex- ceeds the value, on which the duty was payable, of the property on the first death, the latter value shall be substituted for the former for the purpose of calculating the amount of duty on which the reduction under this section is to be calculated,

a business.

27. The amount of estate duty payable on an estate Reduction at the rate applicable thereto under the scale of rates of full of duty shall, where necessary, be reduced so as not to amount of exceed the highest amount of duty which would be the margin duty where payable at the next lower rate, with the addition of above the the amount by which the value of the estate exceeds limit of the value on which the highest amount of duty would be so payable at the lower rate.

value is small. 4 & 5 Geo. 5, c. 10, s. 13 (1).

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 certain an interest in possession, and subsequent limitations interests under the settlement continue to subsist, the property not fall shall not be deemed to pass on his death.

which do

into posses- sion.

57 & 58 Vict.

5 (3).

(2) For the purposes of this section, the term settle- c. 30, s. 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 term settled property means the property comprised in a settlement.

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