Estate Duty.
deceased person, or of any specified part of the income of any such estate, for the purpose of the burial of the deceased or for the purpose of the maintenance of the former dependants of the deceased notwithstanding the non-delivery of the accounts required by section 11, or for the purpose of preparing such accounts, and such authorized use of the estate or income as the case may be shall not render the person in question liable to any of the penalties provided by this section.
(5) The recovery of any penalty provided in this section shall be without prejudice to the liability of the accountable person to the payment of estate duty on the estate of the deceased: Provided however that the amount of the estate duty and the penalty shall not in any case exceed four times the rate set out in the applicable Schedule.
(6) For the purposes of this section no account shall be deemed to have been delivered until the duty which reasonably appears to be payable in respect thereof has been paid, unless the Commissioner shall have allowed payment of the estate duty in respect of the said account to be postponed.
[19]
[CAP. 111
of interest
person in
etc.
22. (1) Where a deceased person had, at the date of Disclosure his death, any interest, whether as partner, depositor, or of deceased creditor in any shop, bank or other business undertaking shop, bank, within the Colony, not being a company as defined by the Companies Ordinance, or a company, association or partnership formed under or in pursuance of some other Ordinance or Act, or of a charter of incorporation, or of letters patent, the person having the management of such shop, bank or other business undertaking shall, within one month from the date on which he first received information of the death of such deceased person, notify the Commissioner of such death and of the extent of the interest of the deceased in the said shop, bank or other business undertaking, and in default of such notification as aforesaid a penalty of one thousand dollars shall be recoverable from the owner or owners of the said shop, bank or other business.
(2) Where the said shop, bank or other business undertaking is carried on in a firm name, the said penalty shall also be deemed to be due from the firm and may be recovered in an action against the firm in the said firm name.
—
285 -
Schedule.
Page 25
Page 26
Estate Duty.
deceased person, or of any specified part of the income of any such estate, for the purpose of the burial of the deceased or for the purpose of the maintenance of the former dependants of the deceased notwithstanding the non-delivery of the accounts required by section 11, or for the purpose of preparing such accounts, and such authorized use of the estate or income as the case may be shall not render the person in question liable to any of the penalties provided by this section.
(5) The recovery of any penalty provided in this section shall be without prejudice to the liability of the accountable person to the payment of estate duty on the estate of the deceased: Provided however that the amount of the estate duty and the penalty shall not in any case exceed four times the rate set out in the applicable Schedule.
(6) For the purposes of this section no account shall be deemed to have been delivered until the duty which reasonably appears to be payable in respect thereof has been paid, unless the Commissioner shall have allowed payment of the estate duty in respect of the said account to be post- poned.
[19]
[CAP. 111
of interest
person in
etc.
22. (1) Where a deceased person had, at the date of Disclosure his death, any interest, whether as partner, depositor, or of deceased creditor in any shop, bank or other business undertaking shop, bank, within the Colony, not being a company as defined by the Companies Ordinance, or a company, association or partner- (Cap. 32.) ship formed under or in pursuance of some other Ordinance or Act, or of a charter of incorporation, or of letters patent, the person having the management of such shop, bank or other business undertaking shall, within one month from the date on which he first received information of the death of such deceased person, notify the Commissioner of such death and of the extent of the interest of the deceased in the said shop, bank or other business undertaking, and in default of such notification as aforesaid a penalty of one thousand 22 of 1950, dollars shall be recoverable from the owner or owners of the said shop, bank or other business.
(2) Where the said shop, bank or other business under- taking is carried on in a firm name, the said penalty shall also be deemed to be due from the firm and may be recovered in an action against the firm in the said firm name.
—
285 -
Schedule.
Page 25Page 26
No comments yet.
Private notes are available after approval.