191790-1932-Supplementary-Estate-Duty — Page 16

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as to shares

24. (1) If the registered owner of any share on a Presumption share register which is by law required to be kept standing in within the Colony dies, such share shall for the pur the name poses of this Ordinance be deemed to be part of the of the estate of the deceased, unless the legal personal deceased. 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 death.

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

of certain

25.-(1) If estate duty has already been paid in Relief in respect of any settled property since the date of the the case settlement, upon the death of one of the parties to settlements. a marriage, no estate duty shall be payable on the 57 & 58 Vict. death of the other party to the marriage unless such c. 30, s. 5 (2). person was at the time of his or her death or had 4 & 5 Geo. 5, been at any time during the continuance of the settle- c. 10, s. 14. 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.

where

26. Where the Commissioner is satisfied that estate Relief in duty has become payable on any property consisting respect of of leasehold property or a business (not being a quick business carried on by a company), or any interest succession in leasehold property or such a business, passing upon property the death of any person, and that subsequently within consists of five years estate duty has again become payable on leasehold the same property or any part thereof passing on the property or death of the person to whom the property passed on 4 & 5 Gen 5, the first death, the amount of estate duty payable c. 10, s. 15. on the second death (if the death occurs on or after the 27th day of February, 1931), in respect of the property so passing shall be reduced as follows.-

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.

a business.