CO129-557-12 Armstrong and Turner v. Estate Duty Commissioner- appeal to Privy Council 18-5-1936 - 2-10-1936 — Page 95

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Presumption as to shares standing in the name of the deceased.

Appeal.

16

24.—(1) If the registered owner of any share on a share register which is by law required to be kept within the Colony dies, such share shall for the pur- poses of this Ordinance be deemed to be part of the estate of the deceased, unless the legal personal representative of the deceased proves to the satisfac- tion of the Commissioner that such share did not form part of the estate of the deceased at his deach.

(2) An appeal to the Supreme Court as under section 17 of this Ordinance, shall lie from any decision of the Commissioner under sub-section (1) of this section.

Relief in the case of certain settlements.

57 & 58 Vict.

c. 30, s. 5 (2), 4 & 5 Geo. 5, c. 10, s. 14.

25.-(1) If estate duty has already been paid in respect of any settled property since the date of the settlement, upon the death of one of the parties to a marriage, no estate duty shall be payable on the death of the other party to the marriage unless such person was at the time of his or her death or had been at any time during the continuance of the settle- ment competent to dispose of such property.

(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.

Relief in respect of quick succession where property consists of leasehold property or a business.

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

c. 10, s. 15.

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.

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