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THE HONGKONG GOVERNMENT GAZETTE, MAY 28, 1915.
57 and 58 Vict. c. 30, s. 22 (2).
Estate duty. 57 and 58 Vict. c. 30, s. 1.
57 and 58 Vict. c. 30, s, 21 (2).
57 and 58 Vict, e. 30, s. 1.
What property is deemed to
pass on
death.
57 and 58 Vict, c. 30, s. 2 (1):
63 Vict. c. 7. s. 11:
10 Edw. 7 c. 10, s. 59.
(2.) For the purpose of this Ordinance,--
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A person shall be deemed competent to dispose of property if he has such an estate or interest therein or such general power as would, if he were sui juris, enable him to dispose of the property; and the expression “general power includes every power or authority enabling the donee or other holder. thereof to appoint or dispose of property as he thinks fit, whether exercisable by instrument inter vivos or by will, or both, but exclusive of any power exercisable either in a fiduciary capacity under a disposition not made by himself or AS mortgagee.
A disposition taking effect out of the interest of the deceased person shall be deemed to have been made by him, whether the concurrence of any other, person was or was not required. Money which a person has a general power to charge on property shall be deemed to be property of which he has power to dispose.
4.-(1.) In the case of every deceased person there shall, save as hereinafter expressly provided, be levied and paid upon the principal value, ascertained as hereinafter provid- ed, of all property which passes on the death of such person, a stamp duty called "estate duty" at the graduated rates mentioned in the Second Schedule. Provided that, where the principal value of an estate comprises a fraction of $100, such fraction shall, for the purpose of determining the amount of estate duty payable, be reckone:i as $100.
(2.) In the case of any person dying before the com- mencement of this Ordinance the duties payable under the Stamp Ordinance, 1901, shall continue to be payable in all respects as if this Ordinance had not been passed.
(3.) The probate duty payable under the Stamp Ordi- nance, 1901, shall not be levied in respect of any property chargeable with estate duty under this Ordinance.
5.-(1.) Property passing on the death of the deceased shall be deemed to include the property following, that is
to say :--
(a.) property of which the deceased was at the
time of his death competent to dispose ;
(b.) property in which the deceased or any other person had an interest ceasing on the death of the deceased, to the extent to which a benefit accrues or arises by the cesser of such interest, and such property shall be deemed to pass on the death of the deceased notwithstanding that that estate or interest has been surrendered assured divested or otherwise disposed of, whether for value or not, to or for the benefit of any person entitled to an estate or interest in remainder or reversion in such property, unless that surrender assurance divesting or disposition was bonâ fide made or effected three years before the death of the deceased, and bonâ fide possession and enjoyment of the property was assumed thereunder immediately upon the sur- render assurance divesting or disposition, and thenceforward retained to the entire exclusion of the person who had the estate or interest limited to cease as aforesaid, and of any benefit to him by contract or otherwise : Provided that where property affected by such a surrender assurance divesting or disposi- tion is deemed to be property passing on the death of the deceased by reason only that the property was not, as from the date of the surrender assurance divesting or disposition, retained to the entire exclusion of the deceased or a person who had an estate or interest limited to cease on the death of the deceased, and of any benefit to him by contract or otherwise, the property shall not be deemed to pass on the death of the deceased if subsequently, by means of the surrender of the benefit reserved or otherwise, it is enjoyed to the entire exclusion of the deceased or such other person as afore-
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