THE HONG KONG GOVERNMENT GAZETTE, FEBRUARY 27,
or by virtue of which instrument or instru- ments any property, or any estate or interest in any property, stands for the time being limited to or in trust for any persons by way of succession, and the term settled property means the property comprised in
a settle-
ment.
16.-(1) In the case of persons dying after the com- Amended mencement of this Ordinance the scale of rates set out rates of in the Schedule to this Ordinance is substituted for the estate duty. scale of rates set out in the Schedule to the principal Ordi- 9 & 10 nance: Provided that where an interest in expectancy Geo. 5, in any property has, before the commencement of this c. 32, s.29. Ordinauce, been bond fide sold or mortgaged for full con- sideration in money or money's worth, then no other duty on that property shall be payable by the purchaser or mortgagee when the interest falls into possession than would have been payable if this section of this Ordinance has not been passed, and in the case of a mortgage any higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee.
No. 16 of
(2) Section 4 of the principal Ordinance is amended Amendment by the deletion of the word "Second" before the word of Ordinance "Schedule" in the sixth line thereof and the substitution 1915, s. 4. therefor of the word "applicable ".
1915.
(3) The heading to the Third Schedule to the principal Amendment Ordinance and the reference therein to section 13 of that of Ordinance Ordinance is deleted. The Table in the said Schedule No. 16 of may be used in calculating the value of reversionary Third interests. The words "Table for use, where applicable, Schedule. in the calculation of Reversionary interests are substi- tuted for the heading deleted by this sub-section and the figures "No. 6 of 1931, s. 16 (3)" are substituted for the said reference to section 13 of the principal Ordinance.
Passed the Legislative Council of Hong Kong, this 26th day of February, 1931.
N. L. SMITH, Deputy Clerk of Councils.
SCHEDULE.
[ss. 4, 10, 12, 13, 18, 19 and 22.]
Where the principal value of the estate
Estate Duty
shall be payable at
the rate per
cent of.
$
Exceeds
500 {
5,000
and does not exceed
39
"
10,000
45
} 5,000
10,000 25,000
"
26,000
*
50,000
50,000 100,000 200,000
"
100,000
""
200,000
400,000
"3
400,000
J9
600,000
600,000
29
""
800,000
800,000
""
""
1,000,000
10
""
1,000,000
97
2,000,000
**
2,000,000
12
1931.
115
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