1950_ESTATE_DUTY_ORDINANCE — Page 13

HK Historical Laws 香港歷史法例 All AI Reviewed
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Estate Duty.

persons ordinarily resident therein, unless charged on property situate within the Colony.

(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.

(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 the reason of the death of the deceased the Commissioner in fixing the price shall take such depreciation into account.

(5) When an estate includes an interest in expectancy, estate duty in respect of that interest shall be paid, at the option of the person accountable for the estate duty, either with the duty in respect of the rest of the 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 determining the rate of estate duty in respect of the rest of the estate the value of the interest 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 ascertained.

(6) The value of the benefit accruing or arising from the cesser of an interest ceasing on the death of the deceased shall-

(a) if the interest extended to the whole income of the property, be the principal value of that property; and

(b) if the interest extended to less than the whole income of the property, be the principal value of an

273

[CAP. 111

Value of 57 & 58 Vict. 10 Edw. 7.

property.

c. 30, s. 7 (5).

c. 8, s. 60.

Interest in 57 & 68 Vict.

expectancy.

c. 30 s. 7 (6).

Benefit arising an interest.

from cesser of

57 & 58 Vict. c. 30, s. 7 (7).

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Estate Duty. persons ordinarily resident therein, unless charged on property situate within the Colony. (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. (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 the reason of the death of the deceased the Commissioner in fixing the price shall take such depreciation into account. (5) When an estate includes an interest in expectancy, estate duty in respect of that interest shall be paid, at the option of the person accountable for the estate duty, either with the duty in respect of the rest of the 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 determining the rate of estate duty in respect of the rest of the estate the value of the interest 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 ascertained. (6) The value of the benefit accruing or arising from the cesser of an interest ceasing on the death of the deceased shall- (a) if the interest extended to the whole income of the property, be the principal value of that property; and (b) if the interest extended to less than the whole income of the property, be the principal value of an 273 [CAP. 111 Value of 57 & 58 Vict. 10 Edw. 7. property. c. 30, s. 7 (5). c. 8, s. 60. Interest in 57 & 68 Vict. expectancy. c. 30 s. 7 (6). Benefit arising an interest. from cesser of 57 & 58 Vict. c. 30, s. 7 (7).
Baseline (Original)
Estate Duty. persons ordinarily resident therein, unless charged on property situate within the Colony. (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. (b) In estimating such principal value the Commis- sioner 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 the reason of the death of the deceased the Commis- sioner in fixing the price shall take such depreciation into account. (5) When an estate includes an interest in expectancy, estate duty in respect of that interest shall be paid, at the option of the person accountable for the estate duty, either with the duty in respect of the rest of the 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 determining the rate of estate duty in respect of the rest of the estate the value of the interest 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 ascertained. (6) The value of the benefit accruing or arising from the cesser of an interest ceasing on the death of the deceased shall- (a) if the interest extended to the whole income of the property, be the principal value of that property; and (b) if the interest extended to less than the whole income of the property, be the principal value of an 273 [CAP. 111 Value of 57 & 58 Vict. 10 Edw. 7. property. c. 30, s. 7 (5). c. 8, s. 60. Interest in 57 & 68 Vict. expectancy. c. 30 s. 7 (6). Benefit arising an interest. from cesser of 57 & 58 Vict. c. 30, s. 7 (7).
2026-05-03 20:42:03 · Baseline
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Estate Duty.

persons ordinarily resident therein, unless charged on property situate within the Colony.

(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.

(b) In estimating such principal value the Commis- sioner 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 the reason of the death of the deceased the Commis- sioner in fixing the price shall take such depreciation into account.

(5) When an estate includes an interest in expectancy, estate duty in respect of that interest shall be paid, at the option of the person accountable for the estate duty, either with the duty in respect of the rest of the 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 determining the rate of estate duty in respect of the rest of the estate the value of the interest 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 ascertained.

(6) The value of the benefit accruing or arising from the cesser of an interest ceasing on the death of the deceased shall-

(a) if the interest extended to the whole income of the property, be the principal value of that property; and

(b) if the interest extended to less than the whole income of the property, be the principal value of an

273

[CAP. 111

Value of 57 & 58 Vict. 10 Edw. 7.

property.

c. 30, s. 7 (5).

c. 8, s. 60.

Interest in 57 & 68 Vict.

expectancy.

c. 30 s. 7 (6).

Benefit arising an interest.

from cesser of

57 & 58 Vict. c. 30, s. 7 (7).

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