187168-1932-Ordinances-passed-and-assented-to--Estate-Duty-No-3-of-1932-Po-Leung-Kuk-Incorporation-Amendment-No-4-of-1932-Chinese-Temples-Amendment-No-5-of-1932 — Page 3

192 THE HONG KONG GOVERNMENT GAZETTE, FEBRUARY 26, 1932.

Incum- brances.

Interest in expectancy.

Prescribed.

Property.

Property passing on the death.

Settle- ment.

57 & 58 Vict c. 30, s.

22 (2).

Estate Duty 57 & 58 Viet. c. 30, s. 1.

Schedules.

9 & 10 Geo. 5, c. 32,

8. 29.

of

any person who takes possession of or inter- meddles with the property of a deceased person or any portion thereof.

"Incumbrances" includes mortgages and terminable charges.

"Interest in expectancy” includes an estate in remainder or reversion and every future interest whether vested or contingent, but does not include a reversion expectant upon the determination of leases.

"Prescribed" unless otherwise stated means prescribed by the Governor in Council under this Ordinance.

"Property" includes movable and immov- able property and the proceeds of sale thereof respectively and any money or investment for the time being representing the proceeds of sale.

"Property passing on the death" includes property passing either immediately on the death or after any interval, and either certainly or contingently, and either originally or by way of substitutive limitation, and "on the death" includes 'at a period ascertainable caly by reference to the death".

"Settlement" means any non-testamentary disposition in writing, whether made voluntarily or upon a good or valuable consideration other than a bona fide pecuniary consideration, where- by any definite and certain property is settled or agreed to be settled in any manner for any purpose whatsoever.

(2) For the purposes of this Ordinance,- A person shall be deemed competent to dispose of property if he has such an estate or interest therein or such general power as would, if he were sui juris, enable him to dispose of the property; and general power" includes every power or authority enabling the donee or other holder thereof to appoint or dispose of property as he thinks fit, whether exerciseable by instrument inter vivos or by will, or both, but exclusive of any power exerciseable either in a fiduciary capacity under a disposition not made by himself or as mortgagee.

A disposition taking effect out of the interest the deceased person shall be deemed to have been made by him, whether the concurrence of any other person was or was not required.

Money which a person has a general power to charge on property shall be deemed to be property of which he has power to dispose.

4. In the case of every deceased person there shall, Save as hereinafter expressly provided, be levied and paid upon the principal value, ascertained as herein- after provided, of all property passing on the death of such person, a stamp duty called estate duty at the graduated rates mentioned in the applicable Schedule: Provided that, where the principal value of an estate comprises a fraction of one hundred dollars, such fraction shall, for the purpose of determining the amount of estate duty payable, be reckoned as one hundred dollars.

Provided also that where an interest in expectancy in any property has, before the twenty-seventh day of February, 1931, been bonâ fide sold or mortgaged for full consideration in money or money's worth. then no higher duty on that property shall be payable by the purchaser or mortgagee when the interests falls into possession than is in accordance with the rates