38457-1914-Supplementary-Estate-Duty-Bill — Page 5

Filing of accounts of property.

Beneficiaries

accountable for estate duty.

306

(3.) The principal value of any property shall be estimated to be the price which, in the opinion of the Com- missioner, such property would fetch if sold in the open market at the time of the death of the deceased.

10.-(1) Every person applying for probate shall, to the best of his knowledge and belief, specify in appropriate accounts annexed to an affidavit for the Commissioner in the prescribed form all the property in respect of which estate duty is payable upon the death of the deceased, and shall be accountable for the estate duty in respect of all property of which the deceased was competent to dispose at his death but shall not be liable for any duty in excess of the assets which he has received as executor or might but for his own neglect or default have received.

(2.) Where property passes on the death of the deceased, and trustees and his executor is not accountable for the estate duty in

respect of such property, every person to whom any pro-. perty so passes for any beneficial interest in possession, and also to the extent of the property actually received or disposed of by him, every trustee, guardian, committee, or other person in whom any interest in the property so pass- ing or the management thereof is at any time vested, and every person in whom the same is vested in possession by alienation or other derivative title shall be accountable for the estate duty on the property and shall within the time required by this Ordinance or such later time as the Com- missioner allows deliver to the Commissioner and verify an account for the Commissioner to the best of his know- ledge and belief, of the property.

Powers of Commis- sioner.

Penalties for not delivering account, &c.

Persons

entitled to deliver without representa- tion not liable.

Affidavits

and accounts to be deliver- ed to the Commis- sioner.

(3.) The Comunissioner may summon before him any person accountable for estate duty, and any person whom the Commissioner believes to have taken possession of or administered any part of the estate in respect of which estate duty is leviable on the death of the deceased, or of the income of any part of such estate, or any person whom the Commissioner believes to be indebted to the deceased or any person whom the Commissioner believes to be capable of giving information as to such estate, and may examine such person with regard to the premises and may require any such person to produce any documents in his custody or power relating to the estate in respect of which estate duty is leviable on the death of the deceased,

And any such person who without any lawful impediment or excuse, to be allowed by the Commissioner, fails to come before the Commissioner, at the time appointed or refuses to answer any question lawfully put him by the Commissioner or fails to produce any such document as aforesaid, shall forfeit the sum of $500 which shall be a debt due to the Crown and be recoverable in the same way as Crown rents may be recovered and in addition to such forfeiture the Commissioner may apply to the Supreme Court in a summary manner in the matter to which his enquiry relates for an order enforcing compliance with his reason- able requirements.

(4.) Nothing in this section shall be held to render liable any person who is entitled under any Ordinance to deliver or order to be delivered property of a deceased person with- out representation to his estate having first been obtained nor the person to whom property shall be delivered by or by the order of such person.

(5.) All affidavits and accounts required under this sec- tion shall be delivered to the Commissioner, who shall, before the affidavit or account is stamped, make such enquiry respecting the contents of, or the particulars verified by such affidavit or account and the value of the various properties included therein as he thinks necessary, and the person making or tendering such affidavit shall be legally bound to attend at the office of the Commissioner, whenever required by him, and to furnish and produce to the Commissioner such explanations and documentary or other evidence as the Commissioner may require.

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