125
16.--(1) The Schedules to the principal Ordinance are Repeal of repealed, and the Schedule to this Ordinance is substituted Ordinanco
No. 16 of therefor: Provided that where an interest in expectancy 1915, in any property has, before the commencement of this Schedules Ordinance, been bonâ fide sold or mortgaged for full con- and substitu- sideration in money or money's worth, then no other duty tion of new
Schedule. on that property shall be payable by the purchaser or mortgagee when the interest falls into possession than 9 & 10 would have been payable if this section of this Ordinance Geo. 5, has not been passed, and in the case of a mortgage any c. 32, s. 29. higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee.
(2) Section 4 of the principal Ordinance is amended Amendment by the deletion of the word "second" before the word of Ordinance
No. 16 of Schedule" in the sixth line thereof.
1915, s. 4.
SCHEDULE.
[ss. 4, 10, 12, 13, 18, 19 and 22,]
Where the principal value of the estate
Estate Duty shall be payable at
the rate per
cent of.
Exceeds
34
500
5,000
{ and does not
exceed
5,000
--
10.000
10,000
25.000
"
་་
25.000
};
•
50,000
15
50,000
100,000
"
100,000
,;
200,000
*
200,000
!ཝཱ
400,000
S
400,000
་
600,000
600,000
ནཱནཾ
800,000
800,000
1,000,000
10
99
1,000,000 2,000,000
2,000,000.
12
REECK-OULUN
1
Objects and Reasons.
1. The object of this Ordinance is to amend the Estate Duty Ordinance, Ordinance No. 16 of 1915, in various ways suggested by the practical working of the Ordinance, Some of the amendments now proposed are intended to bring the Ordinance into closer agreement with the Finance Act, 1894, 57 & 58 Vict. c. 30,
Others are designed to prevent evasion of estate duty,
into
2. When the principal Ordinance, which came force on the 1st January, 1916, was enacted it contained a provision that in the case of persons dying before the commencement of the Ordinance the probate duty formerly payable under the Stamp Ordinance, 1901, should continue to be payable instead of the new estate duty. When the Stamp Ordinance, 1901, was replaced by the Stamp Ordi- nance, 1921, the above temporary and limited provision was still further limited by a provision that estate duty and not probate duty should be payable in the case of any estate to which representation was applied for after the
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