618051-1931-Ordinance-passed-and-assented-to--Estate-Duty-Amendment-No-6-of-1931 — Page 4

108 THE HONG KONG GOVERNMENT GAZETTE, FEBRUARY 27, 1931.

Repeal of Ordinance No. 16 of 1915, s. 10, and substitu- tion of new section.

Benefit

arising from

cesser of an interest.

57 & 58 Việt. c. 30,

s. 7 (7).

Ascertain- ment of value for estate duty. 57 & 58 Vict. c. 30, s. 7 (8).

of valuation

estate or when the interest falls into possession, and if the duty is not paid with the estate duty in respect of the rest of the estate, then-

(a) for the purpose of determin- ing the rate of estate duty in respect of the rest of the estate the value of the in- terest shall be its value at the date of the death of the deceased;

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 possession, together with the value of the rest of the estate as previously ascer- tained.

(6) The value of the benefit aceru- ing or arising from the cesser of an interest ceasing on the death of the decensed shall,

() if the interest extended to the whole income of the property, be the principal value of that property; and () if the interest extended to less than the whole income of the property, be the prin- cipal value of an addition to the property equal to the income to which the interest extended.

(7) The value of any property for the purpose of estate duty shall be ascertained by the Commissioner in such manner and by such means as he thinks fit, and, if he authorises any person to inspect any property and to report to him the value thereof for the purposes of this Ordinance, the person having the custody or possession of that property shall per- mit the person so authorised inspect it at such reasonable times as the Commissioner considers neces-

sary.

to

Commissioner (8) When the Commissioner re- to pay costs quires a valuation to be made by a person named by him, the reasonable costs of such valuation shall be de- frayed by the Commissioner.

by his

nominee.

57 & 58

Vict. c. 30,

s. 7 (9).

7. Section 10 of the principal Ordinance is repealed and the following section is substituted therefor:

Recovery of estate duty, etc. Ordinance No. 6 of 1875.

10.-(1) The Commissioner shall have, in respect of proceedings for the recovery of estate duty and of interest thereon and of any fine, penalty or forfeiture provided by this Ordinance, all the powers that are given to the Treasurer by the Crown Remedies Ordi- nance, 1875, in respect of rent, assessment for rates, fees and forfeitures payable to the Crown; and the certificate required by the Crown Remedies Ordinance, 1875, shall in the case of any such proceedings be signed by the Commissioner and shall be in such form as the Governor in Council shall prescribe: Pro- vided that nothing in this section shall affect any other remedy for the recovery of any such duty, interest, fiue, penalty or forfeiture as aforesaid.