2336
Value of property.
No. 16 of 1915.
ESTATE DUTY.
(4) (a) The principal value of any property shall be estimated to be the price which, in the opinion of the Commissioner, such property would fetch if sold in the open market at the time of the death of the deceased.
57 & 58 Vict. c. 30, s. 7 (5); 10 Edw. 7, c. 8, s. 60.
Filing of accounts of property.
57 & 58 Vict. c. 30, s. 8 (3).
Beneficiaries accountable for estate duty.
(18).
(b) In estimating such principal value the Commissioner shall not make any reduction in the estimate on account of the estimate being made on the assumption that the whole property is to be placed on the market at one and the same time: Provided that where it is proved to the Commissioner that the value of the property has been depreciated by reason of the death of the deceased the Commissioner in fixing the price shall take such depreciation into account.
10.--(1) Every person applying for probate or letters of administration shall, to the best of his knowledge and belief, specify in appropriate accounts annexed to an affidavit for the Commissioner in the prescribed form all the property in respect of which estate duty is payable upon the death of the deceased, and shall be accountable for the estate duty in respect of all property of which the deceased was competent to dispose at his death but shall not be liable for any duty in excess of the assets which he has received as executor or might but for his own neglect or default have received.
(2) Where property passes on the death of the deceased, and his executor is not accountable for the estate duty in respect of such property, every person to whom any property so passes for any beneficial interest in possession, and also to the extent of the property actually received or disposed of by him, every trustee, guardian, committee, or other person in whom any interest in the property so passing or the management thereof is at any time vested, and every person in whom the same is vested in possession by alienation or other derivative title shall be accountable for the estate duty on the property and shall within the time required by this Ordinance or such later time as the Commissioner allows deliver to the Commissioner and verify an account for the Commissioner to the best of his knowledge and belief, of the property: Provided that nothing in this sub-section shall render liable to or accountable for estate duty a bona fide purchaser for valuable consideration without notice.
Powers of Commissioner.
(3) The Commissioner may summon before him any person accountable for estate duty, and any person whom the Commissioner believes to have taken possession of or ...
Page 10
Page 11
2336
Value of property.
No. 16 of 1915.
ESTATE DUTY.
(4) (a) The principal value of any property shall be estimated to be the price which, in the opinion of the Com- 57 & 58 Vict. missioner, such property would fetch if sold in the open
market at the time of the death of the deceased.
c. 30, s. 7 (5); 10 Edw. 7, c. 8, s. 60.
Filing of accounts of property.
57 & 58 Vict. c. 30, s. 8 (3).
Beneficiaries
accountable
for estate duty.
(18).
}
(b) In estimating such principal value the Commissioner shall not make any reduction in the estimate on account of the estimate being made on the assumption that the whole property is to be placed on the market at one and the same time: Provided that where it is proved to the Commissioner that the value of the property has been depreciated by reason of the death of the deceased the Commissioner in fixing the price shall take such depreciation into account.
10.--(1) Every person applying for probate or letters of administration shall, to the best of his knowledge and belief, Specify in appropriate accounts annexed to an affidavit for the Commissioner in the prescribed form all the property in respect of which estate duty is payable upon the death of the deceased, and shall be accountable for the estate duty in respect of all property of which the deceased was competent to dispose at his death but shall not be liable for any duty in excess of the assets which he has received as executor or might but for his own neglect or default have received.
(2) Where property passes on the death of the deceased, and trustees and his executor is not accountable for the estate duty in respect of such property, every person to whom any property so passes for any beneficial interest in possession, and also c. 30, s. 8(4), to the extent of the property actually received or disposed of by him, every trustee, guardian, committee, or other person in whom any interest in the property so passing or the management thereof is at any time vested, and every person in whom the same is vested in possession by alienation or other derivative title shall be accountable for the estate duty on the property and shall within the time required by this Ordinance or such later time as the Commissioner allows deliver to the Commissioner and verify an account for the Commissioner to the best of his knowledge and belief, of the property: Provided that nothing in this sub-section shall render liable to or accountable for estate duty a bonâ fide purchaser for valuable consideration without notice.
Powers of Commis- sioner.
(3) The Commissioner may summon before him any person accountable for estate duty, and any person whom the Commissioner believes to have taken possession of or
¡
Page 10Page 11
No comments yet.
Private notes are available after approval.