10
CAP. 111]
Estate Duty
[1983 Ed.
Estate duty.
1894 c. 30, s. I.
Schedules.
1919 c. 32, s. 29.
[cf. 1940 c. 48, s. 17.)
What property is deemed to pass on death.
1894 c. 30, s. 2(1).
1900 c. 7, s. 11; 1910 c. 8. s. 59.
1940 c. 29, s. 43(2) & 1946 c. 64, s. 47.
5. 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 duty called estate duty at the graduated rates mentioned in the applicable Schedule:
Provided that, where the principal value of an estate comprises a fraction of $100, such fraction shall, for the purpose of determining the amount of estate duty payable, be reckoned as $100:
Provided also that where an interest in expectancy in any property has, before 27 February 1931, been bona fide sold or mortgaged for full consideration in money or money's worth, then no higher duty on that property shall be payable by the purchaser or mortgagee when the interest falls into possession than is in accordance with the rates mentioned in the First Schedule, and in the case of a mortgage any higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee.
(Amended, 47 of 1962, s. 3)
6. (1) Property passing on the death of the deceased shall be deemed to include the property following:
(a) property of which the deceased was at the time of his death competent to dispose;
(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 bona fide made or effected 3 years before the death, or if it was made or effected for such purposes as are recognized by the Commissioner as public or charitable, one year before the death, and bona 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 to the entire exclusion of the deceased or a person who had an estate or interest limited to cease on the death of the deceased, and of any benefit to him by contract or otherwise:
10
CAP. 111]
Estate Duty
[1983 Ed.
Estate duty.
1894 c. 30, s. I.
Schedules.
1919 c. 32, s. 29.
[cf. 1940 c. 48, s. 17.)
What property is deemed to pass on death.
1894 c. 30, s. 2(1).
1900 c. 7, s. 11; 1910 c. 8. s. 59.
1940 c. 29, s. 43(2) & 1946 c. 64, s. 47.
5. 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 duty called estate duty at the graduated rates mentioned in the applicable Schedule:
Provided that, where the principal value of an estate comprises a fraction of $100, such fraction shall, for the purpose of determin- ing the amount of estate duty payable, be reckoned as $100:
Provided also that where an interest in expectancy in any property has, before 27 February 1931, been bona fide sold or mortgaged for full consideration in money or money's worth, then no higher duty on that property shall be payable by the purchaser or mortgagee when the interest falls into possession than is in accord- ance with the rates mentioned in the First Schedule, and in the case of a mortgage any higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee.
(Amended, 47 of 1962, s. 3)
6. (1) Property passing on the death of the deceased shall be deemed to include the property following-
(a) property of which the deceased was at the time of his death
competent to dispose;
(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 other- wise 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 sur- render, assurance, divesting or disposition was bona fide made or effected 3 years before the death, or if it was made or effected for such purposes as are recognized by the Commissioner as public or charitable, one year before the death, and bona fide possession and enjoyment of the property was assumed thereunder immediately upon the surrender, assurance, divesting or disposition, and thence- forward 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 to the entire exclusion of the deceased or a person who had an estate or interest limited to cease on the death of the deceased, and of any benefit to him by contract or other-
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