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Section 1 is formal.
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2 makes certain minor amendments.
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, pro- perty outside the Colony, and shares on local registers.
7 provides for the aggregation of the value of all a deceased person's property in respect of which duty is payable for the purpose of determining the rate at which estate duty shall be charged.
8 sets ont the manner in which estate duty is to be paid and contains the new provision that interest shall be payable upon estate duty from the date of death to the date of payment. A similar provision 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 be deducted.
10 provides for the filing of accounts, and gives the Commissioner special powers to sum- mon persons before him, under penalty, in case of default, in order to enable him to obtain a full disclosure of the property of a deceased person. It also gives him power to inspect properties and obtain valuations thereof.
11 provides that no grant 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.
12 and 13 re-eniet 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.
15 provides for the apportionment of the estate duty between the parties liable, with fiberty to apply to the Court in case of dispute.
16 gives power to the Governor-in-Council to remit the payment of estate duty on equitable grounds.
17 contains new provisions giving any person aggrieved by the decision of the Commis- sioner a right of appeal to the Supreme Court.
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