CAP. 111]
1940 c. 29, s. 43(1) &
(2) & 1950 c. 15. s. 43.
Estate Duty
[1983 Ed.
specialty shall be at the time of the death of the deceased; and (Amended, 1 of 1959, s. 3)
(h) an interest limited to cease on the death which has been disposed of or has determined, whether wholly or partly, whether by surrender, assurance, divesting, forfeiture or in any other manner, except by the expiration of a fixed period at the expiration of which the interest was limited to cease, and whether for value or not, after becoming an interest in possession and the disposition or determination, or any of them if there are more than one, is not excepted by the proviso hereto, then-
(i) if, had there been no disposition or determination as aforesaid of that interest and no disposition of any interest expectant upon or subject to that interest, the property in which the interest subsisted would have passed on the death under section 5, that property shall be deemed by virtue of this paragraph to be included as to the whole thereof in the property passing on the death; or
(ii) if, had there been no disposition or determination as aforesaid of that interest and no disposition of any interest expectant upon or subject to that interest, the property in which the interest subsisted would have been deemed by virtue of paragraph (b) to be included to a particular extent in the property passing on the death, then, the property in which the interest subsisted shall be deemed by virtue of this paragraph to be included to that extent in the property passing on the death:
Provided that where a disposition or determination of an interest limited to cease on the death was bona fide effected or suffered 3 years before the death, or, if it was effected or suffered for such purposes as are recognized by the Commissioner as public or charitable, one year before the death, the disposition or determination shall be excepted by this proviso-
(a) if bona fide possession and enjoyment of the property in which the interest subsisted was assumed immediately thereafter by the person becoming entitled by virtue of or upon the disposition or determination and thenceforward retained to the entire exclusion of the person who immediately before the disposition or determination had the interest and of any benefit to him by contract or otherwise; or
(b) in the case of a partial determination, if the conditions specified in sub-paragraph (a) were not satisfied by reason only of the retention or enjoyment by the deceased of possession of some part of the property, or of some benefit, by virtue of the provisions of the instrument under which he had the interest. (Added, 1 of 1959, s. 3)}
Page 15
Page 16
14
CAP. 111]
1940 c. 29, s. 43(1) &
(2) & 1950 e. 15. s. 43.
Estate Duty
[1983 Ed.
specialty shall be at the time of the death of the deceased; and (Amended, 1 of 1959, s. 3)
(h) an interest limited to cease on the death which has been disposed of or has determined, whether wholly or partly, whether by surrender, assurance, divesting, forfeiture or in any other manner, except by the expiration of a fixed period at the expiration of which the interest was limited to cease, and whether for value or not, after becoming an interest in possession and the disposition or determination. or any of them if there are more than one, is not excepted by the proviso hereto, then-
(i) if, had there been no disposition or determination as aforesaid of that interest and no disposition of any interest expectant upon or subject to that interest, the property in which the interest subsisted would have passed on the death under section 5, that property shall be deemed by virtue of this paragraph to be included as to the whole thereof in the property passing on the death; or
(ii) if, had there been no disposition or determination as aforesaid of that interest and no disposition of any interest expectant upon or subject to that interest, the property in which the interest subsisted would have been deemed by virtue of paragraph (b) to be included to a particular extent in the property passing on the death. then, the property in which the interest subsisted shall be deemed by virtue of this paragraph to be included to that extent in the property passing on the death:
Provided that where a disposition or determination of an interest limited to cease on the death was bona fide effected or suffered 3 years before the death, or, if it was effected or suffered for such purposes as are recognized by the Commissioner as public or charitable, one year before the death, the disposition or determination shall be excepted by this proviso-
(a) if bona fide possession and enjoyment of the property in which the interest subsisted was assumed immedi- ately thereafter by the person becoming entitled by virtue of or upon the disposition or determination and thenceforward retained to the entire exclusion of the person who immediately before the disposition or determination had the interest and of any benefit to him by contract or otherwise; or
(b) in the case of a partial determination, if the conditions specified in sub-paragraph (a) were not satisfied by reason only of the retention or enjoyment by the deceased of possession of some part of the property, or of some benefit, by virtue of the provisions of the instrument under which he had the interest. (Added, 1 of 1959, s. 3)}
Page 15Page 16
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