TNAG-0861-FCO40-1071-Legislation-for-shipping-and-port-control-in-Hong-Kong-1979 — Page 71

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A BILL

ANNEX B TO XCR (79)82

ΤΟ

Amend the Estate Duty Ordinance.

Enacted by the Governor of Hong Kong, with the

advice and consent of the Legislative Council thereof.

Short title

and

application.

1. (1) This Ordinance may be cited as the

Estate Duty (Amendment) Ordinance 1979.

(Cap. 111.)

(2) The amendment to the principal Ordinance

made by section 2 shall apply in relation to the

estates of persons dying on or after 1 April 1979.

Amendment of section 6.

2.

Section 6(1)(c) of the principal Ordinance

is amended, in the first proviso, by deleting

"$5,000" and substituting the following

Budget.

"$50,000".

Explanatory Memorandum

This Bill implements a proposal in the 1979

The effect of the Bill is that property which

notionally passes on death for the purposes of

assessing estate duty will not include gifts inter vivos.

made by the deceased which, in the case of any one

donee, did not exceed in the aggregate $50,000. The

existing exemption applies to gifts not exceeding

$5,000.

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