ESTATE DUTY.
No. 16 of 1915.
2335
(b) for any debt in respect whereof there is a right to reimbursement from any other estate or person unless such reimbursement cannot be obtained; nor
(c) more than once for the same debt or incumbrance charged upon different portions of the estate;
and any debt or incumbrance for which an allowance is made shall be deducted from the value of the property liable thereto.
on debts
(2) Where a debt or incumbrance has been incurred or created in whole or in part for the purpose of or in consideration for the purchase or acquisition or extinction, whether by operation of law or otherwise, of any interest in expectancy in any property passing or deemed to pass on the death of a deceased person, and any person whose interest in expectancy is so purchased, acquired, or extinguished becomes (under any disposition made by, or through devolution of law from, or under the intestacy of, the deceased) entitled to any interest in that property, then in determining the value of the estate of the deceased for the purpose of estate duty no allowance shall be made in respect of such debt or incumbrance, and any property charged with any such debt or incumbrance shall be deemed to pass freed from that debt or incumbrance:
Provided that---
(a) if part only of such debt or incumbrance was incurred or created for such purpose or as such consideration as aforesaid, this provision shall apply to that part of such debt or incumbrance only; and
(b) if a person whose interest in expectancy in the property so purchased, acquired, or extinguished becomes entitled to an interest in part only of that property, this provision shall apply only to such part of the debt or incumbrance as bears the same proportion to the whole debt or incumbrance as the value of the part of the property to an interest in which he becomes entitled bears to the value of the whole of that property.
to persons resident out
(3) No allowance shall be made for debts due from the deceased to persons resident out of the Colony unless contracted to be paid in the Colony, or charged on property situate within the Colony.
Colony.
57 & 58 Vict. c. 30, s. 7 (2).
ESTATE DUTY.
No. 16 of 1915.
2335
(b) for any debt in respect whereof there is a right to (s. 9 contd.] reimbursement from any other estate or person unless such reimbursement cannot be obtained; nor
(c) more than once for the same debt or incumbrance charged upon different portions of the estate;
and any debt or incumbrance for which an allowance is made shall be deducted from the value of the property liable thereto.
on debts
(2) Where a debt or incumbrance has been incurred or Limitation created in whole or in part for the purpose of or in con- deductible sideration for the purchase or acquisition or extinction, from value whether by operation of law or otherwise, of any interest in of estate. expectancy in any property passing or deemed to pass on c. 8, s. 57. the death of a deceased person, and any person whose interest in expectancy is so purchased, acquired, or extinguished becomes (under any disposition made by, or through devolution of law from, or under the intestacy of, the deceased) entitled to any interest in that property, then in determining the value of the estate of the deceased for the purpose of estate duty no allowance shall be made in respect of such debt or incumbrance, and any property charged with any such debt or incumbrance shall be deemed to pass freed from that debt or incumbrance:
Provided that---
(a) if part only of such debt or incumbrance was incurred or created for such purpose or as such consideration as aforesaid, this provision shall apply to that part of such debt or incumbrance only; and
(b) if a person whose interest in expectancy in the property so purchased, acquired, or extinguished becomes entitled to an interest in part only of that property, this provision shall apply only to such part of the debt or incumbrance as bears the same proportion to the whole debt or incumbrance as the value of the part of the property to an interest in which he becomes entitled bears to the value of the whole of that property.
to persons resident out
(3) No allowance shall be made for debts due from the Debts due deceased to persons resident out of the Colony unless con- tracted to be paid in the Colony, or charged on property of the situate within the Colony.
Colony.
57 & 58 Vict. c. 30, s. 7 (2).
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