ESTATE DUTY.
No. 16 of 1915.
2329
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.
57 & 58 Vict. c. 30, s. 1.
4. 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 provided, of all property passing 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 one hundred dollars, such fraction shall, for the purpose of determining the amount of estate duty payable, be reckoned as one hundred dollars.
Second Schedule.
5.-(1) Property passing on the death of the deceased shall be deemed to include the property following:-
What property is deemed to pass on death.
(a) property of which the deceased was at the time of his death competent to dispose;
57 & 58 Vict. c. 30, s. 2 (1). 10 Edw. 7, c. 7, s. 11; c. 8. s. 59.
(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 surrender, 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 disposition 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...
* As amended by No. 8 of 1921 and No. 22 of 1921.
† As amended by Law Rev. Ord., 1924.
ESTATE DUTY.
No. 16 of 1915.
2329
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.
57 & 58 Vict.
c.
*
4. In the case of every deceased person there shall, save Estate duty. as hereinafter expressly provided, be levied and paid upon 30, s. 1. the principal value, ascertained as hereinafter provided, of all property passing 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 Second value of an estate comprises a fraction of one hundred dollars, such fraction shall, for the purpose of determining the amount of estate duty payable, be reckoned as one hundred dollars.
Schedule.
5.-(1) Property passing on the death of the deceased What shall be deemed to include the property following:-
property is deemed to pass on death.
+
(a) property of which the deceased was at the time of his 57 & 58 Vict. death competent to dispose;
c. 30, s. 2 (1).
10 Edw. 7,
(b) property in which the deceased or any other person 63 Vict. had an interest ceasing on the death of the deceased, to the c. 7, s. 11; extent to which a benefit accrues or arises by the cesser of c. 8. s. 59. 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, assur- ance, 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 there- under immediately upon the surrender, 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 disposition 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 * As amended by No. 8 of 1921 and No. 22 of 1921.
† As amended by Law Rev. Ord., 1924.
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