38457-1914-Supplementary-Estate-Duty-Bill — Page 13

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person after the grant of Probate or Letters of Administra- tion, of making certain that all the property with which such person in fact deals is actually included in the Schedule attached to the Grant.

Section 1 is formal.

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2 repeals the existing law relating to Probate

Duty.

3 defines the meaning of certain terms used in

the Bill.

4 provides for the levy of estate duty sub- stituting this term for the existing “Pro- bate Duty".

5 sets out the property which is deemed to pass

on death.

6 exempts from the payment of estate duty transactions for money consideration and also 4 classes of property estate duty upon which should not equitably be claimed as aceruing to the revenue of the Colony.

7 introduces a new scale of rates of estate duty and provides for the aggregation of the value of all a deceased person's property wherever situate for the purpose of determining the rate at which estate duty shall be charged.

8 sets out the manner in which estate duty is to be paid and contains the new provision that interest at 4% per annum shall be payable upon estate duty from the date of death to the date of payment, if such is made within 6 months. A similar provi- sion exists in England.

9 introduces the new allowance of an exemp- tion for funeral expenses, which have not up to the present time been allowed to he deducted. This provision is taken from the Straits Settlements law.

10 prescribes the method of filing accounts and paying estate duty. It gives the Com- inissioner special powers to summon per- sons before him, under penalty, in case of default, in order to enable him to obtain a full disclosure of the property of a deccas- ed person. It also gives him power to inspect properties and, obtain valuations thereof.

11 provides that no Probate shall issue until after estate duty has been paid. Similar provision to that in the existing law is made for cases in which the value of an estate cannot be ascertained immediately; and a new clause is inserted giving power to the Commissioner to allow the post- ponement of payment of estate duty in cases where the exaction of immediate pay- ment would be a hardship. This clause is also taken from the Straits Settlements law.

12 and 13 re-enact in slightly altered form similar provisions in the existing law with the addition of clauses providing for the calculation of estate duty on the values of interests in expectancy and interests ceasing on death.

14 introduces the new principle that estate duty shall be a charge on the property in respect of which it is leviable. It also gives power to raise, by means of sale, mortgage or terminable charge, the amount payable for estate duty. This principle is again taken from the Straits Settle- ments law.

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