CO129-530-8 Estate Duty Ordinance- 1931- Bill 27-2-1931 - 15-12-1931 — Page 62

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rate

14

27. Section 12 of the principal Ordinance provides for the payment of estate duty at three times "the customary

where an affidavit or account is "for the first time lodged after a year from the death, or (in the case of a "from the person dying outside the Colony) after a year date of the grant

" of administration outside the Colony, unless the person lodging the affidavit or account can prove that "within the said period of one year" he was not aware of the existence of estate of the deceased within "" with the Colony and could not "within such period reasonable diligence have ascertained its existence. section is unsatisfactory.

28. Section 8 of this Ordinance substitutes a section 12 which contains the following features :—

The

new

(a) The treble rate is applied to all late accounts, unless the accountable person can prove that he used all reasonable diligence to ascertain the estate and to deliver an account upon its dis- covery.

(b) In the case of "resealing "the period of delay

allowed is 18 mouths from death.

(c) The rates in the applicable Schedule are speci-

fically referred to.

(d) It is provided that for the purposes of the section no account is to be deemed to have been delivered until the apparent duty has been paid, unless the Commissioner has allowed payment to be post- poned.

29. Section 9 of this Ordinance repeals section 13 of the principal Ordinance. The various sub-sections of that section are being dealt with as follows:-

(a) Sub-section (1) is replaced by the new section 10

(10).

(b) Sub-section (2) is replaced by the new sub-sec-

tions 10 (11) and 10 (12).

(c) Sub-section (3) is not being reproduced.

Its

effect is not very clear, but it seems to be an undesirable limitation both on the right of appeal and on the right of demanding additional duty. (d) Sub-section (4) reappears in the new section 9 (5), except that the mistaken provision for ascer- taining the value of an interest in expectancy is omitted: see paragraph 8 above.

(e) Sub-section (5) disappears. That section also

has proved to be mistakeu.

part in the Finance Act, 1894.

It has no counter-

The repealed section is replaced by a new one making it obligatory for executors to attend to the registration of the transfer into his own name of unregistered shares belonging to a deceased person. This will help to make it clear from the share register that a transfer from A to D was through C the executor of B the unregistered owner of the shares.

30. Section 10 of this Ordinance amends section 16 of the principal Ordinance by the deletion of the words "by treasury warrant ". Refunds are not in fact made by treasury warrant but by cheque.

31. Section 11 of this Ordinance repeals section 18 of the principal Ordinance and substitutes a new section 18 which differs from the old section 18 in the following points :-

(a) It is provided that the Schedule of property to be annexed to the probate or letters of adminis- tration is to be under the hand of the Commis- sioner.