41059-1915-Ordinances-passed-and-assented-to--Supplementary-Appropriation-No-14-of-1915 — Page 11

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THE HONGKONG GOVERNMENT GAZETTE, MAY 28, 1915.

affidavit or account. If any person who ought to deliver a Payment of further affidavit or account as in this sub-section mentioned additional neglects to do so within the prescribed period he shall duty. 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,

or for

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

incorrectly

in the affidavit or account.

affidavit.

(4.) When an estate includes an interest in expectancy, Interest in estate duty in respect of that interest shall be paid, at the expectancy. option of the person accountable for the estate duty, either 57 and 58 with the estate duty in respect of the rest of the estate or Vict. c. 30, when the interest falls into possession, and if the estate s. 7 (6). duty is not paid with the estate duty in respect of the rest of the estate, then :-

(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 accrning or arising from the Value of cesser of an interest ceasing on the death of the deceased interests shall be ascertained and determined by reference to the ceasing on table contained in the Third Schedule.

death.

14.-(1.) A rateable part of the estate duty on an estate, Charge of in proportion to the value of any property which does not estate duty

on property. pass to the executor as such, shall be a first charge on the property in respect of which estate duty is leviable; 57 and 58

Vict. c. 80, provided that the property shall not be so chargeable as

s. 9. against a bonâ fide purchaser thereof for valuable con-

sideration without notice.

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

executor.

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mortgage or

(3.) A person authorized or required to pay the estate Raising duty in respect of any property shall, for the purpose of estate duty paying the estate duty or raising the amount of the estate by sale. duty when already paid, have power, whether the property terminable is or is not vested in him, to raise the amount of such charge. 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.

owner.

(4.) A person having a limited interest in any property Payment who pays the estate duty in respect of that property shall by limited be entitled to the like charge as if the estate duty in respect of that property had been raised by means of a mortgage to him.

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(5.) Any money arising from the sale of property com- Payment of prised in a settlement or held upon trust to lay out upon duty out of the trusts of a settlement may be expended in paying capital any estate duty in respect of property comprised in the money". settlement and held upon the same trusts.

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