184745-1931-Supplementary-Draft-Bill--Estate-Duty — Page 6

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or letters of administration have been granted by the

Supreme Court,

(5) Any share or other interest of a deceased member of a China company, as defined by the Com- panies Ordinances 1911, and 1925 in such company.

7. For determining the rate of estate duty to be Aggregation paid on any property passing on the death of the of property deceased, all property so passing in respect of which to form one estate duty is payable shall be aggregated so as to purpose of

form one estate.

estate for

estate duty. 57 & 58 Vict. c. 30, s. 4.

8.-(1) Estate duty shall be payable as hereinafter Payment of mentioned.

estate duty. 57 & 58 Vict. c. 30, s. 6.

(2) The executor of the deceased shall pay the Mode of estate duty in respect of all property, of which the payment. deceased was competent to dispose at the date of his death, on delivering the affidavit for the Com- missioner by stamps affixed thereon, and may pay in like manner the estate duty in respect of any other property passing on such death, which by virtue of any testamentary disposition of the deceased is under the control of the executor, or, in the case of property not under his control, if the persons ac- countable for the estate duty in respect thereof request him to make such payment.

values.

(8) Where the executor does not know the amount Provision or value of any property which has passed on the for unknown death, he may state in the affidavit for the Com- missioner that such property exists, but that he does not know the amount or value thereof and that he undertakes as soon as the amount and value are ascertained to bring in an account thereof and to pay both the estate duty for which he is or may be liable and any further estate duty payable by reason there- of for which he is or may be liable in respect of the other property mentioned in the affidavit.

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(4) Estate duty so far as not paid by the executor Collection shall be paid by stamps affixed to an account setting from others forth the particulars of the property and delivered to than the Commissioner within six months after the death, executor. by the person accountable for the estate duty; or within such further time as the Commissioner may allow. Such duty shall be paid on delivering the account.

(5) Every estate shall include all income accrued Estate in- upon the property included therein down to and cludes outstanding at the date of the death of the deceased, accrued

income.

(6) Interest at the rate of four per cent. per Interest annum on the estate duty shall be paid from the date payable on of the death up to the date of the delivery of the estate duty. affidavit or account, or the expiration of six months after the death, whichever first happens, and subject as aforesaid interest at the rate of eight per cent, per annum for the period during which it remains unpaid shall acèrue on the estate duty payable.

(7) The estate duty which is to be collected upon Date when an affidavit for the Commissioner or on an account, duty shall shall be due on the delivery thereof or on the expira- become tion of six months from the death, whichever first due. happens.

9.-(1) In determining the value of an estate for Allowance the purpose of estate duty, allowance shall be made for detts for, reasonable funeral expenses incurred in the Colony and funeral not exceeding one thousand dollars or two and a half 57 & 58 Viet. per cent, of the ascertained value of the estate, which- c. 30 s.

7 (1).

expenses.