1950_ESTATE_DUTY_ORDINANCE — Page 28

CAP. 111]

[s. 28 cont.]

2726

Reduction of

full amount

the margin

above the

limit of value is small.

Estate Duty.

Where the second death occurs within two years of the

first death, by forty per cent;

Where the second death occurs within three years of the

first death, by thirty per cent;

Where the second death occurs within four years of the

first death, by twenty per cent;

Where the second death occurs within five years of the

first death, by ten per cent :

Provided that where the value, on which the duty is payable, of the property on the second death exceeds the value, on which the duty was payable, of the property on the first death, the latter value shall be substituted for the former for the purpose of calculating the amount of duty on which the reduction under this section is to be calculated. [26]

29. The amount of estate duty payable on an estate at

of duty where the rate applicable thereto under the scale of rates of duty shall, where necessary, be reduced so as not to exceed the highest amount of duty which would be payable at the next c. 10, s. 13 (1). lower rate, with the addition of the amount by which the value of the estate exceeds the value on which the highest amount of duty would be so payable at the lower rate. [27]

4 & 5 Geo. 5,

Relief in the case of certain interests

which do not

fall into

30. (1) In the case of settled property, where the interest of any person under the settlement fails or deter- mines by reason of his death before it becomes an interest 57 & 58 Vict. in possession, and subsequent limitations under the settle- ment continue to subsist, the property shall not be deemed to pass on his death.

possession.

c. 30, s. 5 (3).

(2) For the purposes of this section, the term settlement means any deed, will, agreement for a settlement, or other instrument, or any number of instruments, whether made before or after or partly before and partly after the 27th day of February, 1931, under or by virtue of which instrument or instruments any property, or any estate or interest in any property, stands for the time being limited to or in trust for any persons by way of succession, and the term settled property means the property comprised in a settlement. [28]

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