38457-1914-Supplementary-Estate-Duty-Bill — Page 7

Further affidavit of account.

Payment of additional duty.

No claim

for return of excess or for additional

duty except when particulars incorrectly

stated in affidavit.

Interest in

308

(2.) If it shall be at any time discovered that for any reason too little estate duty has been paid the person accountable for estate duty shall within one month of the discovery deliver a further affidavit or further account and shall pay the difference between the estate duty chargeable according to the true value of the estate and the estate duty already paid and shall at the same time pay to the Commissioner interest upon the duty at the rate per annum mentioned in section 8 sub-section (6) from the date of the death or from such subsequent date as the Commissioner may in the circumstances think proper. Such additional estate duty shall be paid by stamps affixed to the original affidavit or account. If any person who ought to deliver a further affidavit or account as in this sub-section mentioned neglects to do so within the prescribed period he shall forfeit the sum of $1,000 and shall also be liable to pay treble the amount of additional estate duty chargeable and the same shall be a debt due from him to the Crown and be recoverable in the same way as Crown rents may be recovered.

(3.) In case there has been an appeal under section 17 from a certificate of the Commissioner made under section 10 sub-section (8) of this Ordinance, no claim shall be made for the return of excess estate duty or for the pay- ment of additional estate duty except on the ground that the particulars of the property passing on the death of the deceased, or the general expenses, debts or incumbrances for which allowance was made, were not correctly stated in the affidavit or account.

(4.) When an estate includes an interest in expectancy, expectancy. estate duty in respect of that interest shall be paid, at the option of the person accountable for the estate duty, either with the estate duty in respect of the rest of the estate or when the interest falls into possession, and if the estate duty is not paid with the estate duty in respect of the rest of the estate, then :-

Value of interests ceasing on death,

Charge of estate duty on property.

Re-imburse-

ment of executor.

Raising estate duty by sale, mortgage or terminable charge.

(a.) for the purpose of determining the rate of estate duty in respect of the rest of the estate the value of the interest shall be its value at the date of the death of the deceased to be ascertained and determined in respect of an interest expectant on the determination of any life interest in any property, annuity or annual sum for life, by reference to the table contained in the Third Schedule; and

(b) the rate of estate duty in respect of the interest when it falls into possession shall be calculated according to its value when it falls into pos- session, together with the value of the rest of the estate as previously ascertained.

(5.) The value of the benefit accruing or arising from the cesser of an interest ceasing on the death of the deceased shall be ascertained and determined by reference to the table contained in the Third Schedule.

14.-(1.) A rateable part of the estate duty on an estate, in proportion to the value of any property which does not pass to the executor as such, shall be a first charge on the property in respect of which estate duty is leviable; provided that the property shall not be so chargeable as against a bona fide purchaser thereof for valuable con- sideration without notice.

(2.) If the rateable part of the estate duty in respect of any property is paid by the executor, it shall where occasion requires be repaid to him by the trustees or owners of the property.

(3.) A person authorized or required to pay the estate duty in respect of any property shall, for the purpose of paying the estate duty or raising the amount of the estate duty when already paid, have power, whether the property is or is not vested in him, to raise the amount of such estate duty and any interest and expenses properly paid or incurred by him in respect thereof by the sale or mortgage or a terminable charge on that property or any part

thereof.

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