CO129-557-12 Armstrong and Turner v. Estate Duty Commissioner- appeal to Privy Council 18-5-1936 - 2-10-1936 — Page 89

102

Interest in

expectancy. 57 & 58 Vict.

c. 30 s. 7 (6).

Benefit

arising from cesser of an

interest.

57 & 58 Vict.

c. 30, s.

7 (7).

Ascertain- ment of value of estate duty.

57 & 58 Vict.

c. 30, s. 7 (8).

Com-

missioner

to pay costs of valua- tion by his nominee.

57 & 58 Vict. c. 30, s.

7 (9).

Recovery of estate duty, etc. Ordinance No. 6 of 1875.

8

(b) In estimating such principal value the Commis- sioner shall not make any reduction in the estimate on account of the estimate being made on the assumption that the whole property is to be placed on the market at one and the same time: Provided that where it is proved to the Commissioner that the value of the property has been depreciated by the reason of the death of the deceased the Commissioner in fixing the price shall take such depreciation into account.

(5) When an estate includes an interest in ex- pectancy, estate duty in respect of that interest shall be paid, at the option of the person accountable for the estate duty, either with the duty in respect of the rest of the estate or when the interest falls into possession, and if the duty is not paid with the estate duty in respect of the rest of the estate, then-

(a) for the purpose of determining the rate of estate duty in respect of the rest of the estate the value of the interest shall be its value at the date of the death of the deceased; and

(b) the rate of estate duty in respect of the interest when it falls into possession shall be calculated according to its value when it falls into possession, together with the value of the rest of the estate as previously ascertained.

(6) The value of the benefit accruing or arising from the cesser of an interest ceasing on the death of the deceased shall,

(a) if the interest extended to the whole income of the property, be the principal value of that property; and

(b) if the interest extended to less than the whole income of the property, be the prin- cipal value of an addition to the property equal to the income to which the interest extended.

(7) The value of any property for the purpose of estate duty shall be ascertained by the Commissioner in such manner and by such means as he thinks fit, and, if he authorises any person to inspect any pro- perty and to report to him the value thereof for the purposes of this Ordinance, the person having the custody or possession of that property shall permit the person so authorised to inspect it at such reason. able times as the Commissioner considers necessary.

(8) When the Commissioner requires a valuation to be made by a person named by him, the reasonable costs of such valuation shall be defrayed by the Commissioner.

10.—(1) The Commissioner shall have, in respect of proceedings for the recovery of estate duty and of interest thereon and of any fine, penalty or forfeiture provided by this Ordinance, all the powers that are given to the Treasurer by the Crown Remedies Ordin- ance, 1875, in respect of rent, assessment for rates, fees and forfeitures payable to the Crown; and the certificate required by the Crown Remedies Ordinance, 1875, shall in the case of any such proceedings be signed by the Commissioner and shall be in such form as the Governor in Council shall prescribe: Provided that nothing in this section shall affect any other remedy for the recovery of any such duty, interest. fine, penalty or forfeiture as aforesaid.