20
CAP. 111]
Exceptions for transactions for money consideration. property situate outside the Colony, shares on local registers and certain
land in the New Territories.
Jcf. 1894 c. 30, s. 3]
31/90.10
Estate Duty
[1983 Ed.
of reserves of that company, or in the retention by that company, by way of set-off or otherwise, of any property distributable by it, or is otherwise provided directly or indirectly out of the assets or at the expense of that or any associated company; and for this purpose 2 companies shall be deemed to be associated if one has a controlling interest in the other, or if some person has a controlling interest in both.
(5) In the case of a donee who dies before the donor, subsections (1) to (4) inclusive shall apply as if he had not died, and as if the acts of his personal representative were his acts, and property taken by any person under his testamentary dispositions or on his intestacy, or partial intestacy, were taken under a gift made by him at the time of his death.
(6) For purposes of aggregation, any property which is by virtue of subsections (1) to (5) inclusive to be treated as comprised in a gift inter vivos made by the deceased shall be deemed to be property in which the deceased had an interest, except in so far as it is derived from property originally comprised in the gift in which the deceased never had an interest.
(7) For the purposes of estate duty, any question whether possession and enjoyment of any property comprised in a gift inter vivos was at a particular time assumed or had by any person to the exclusion of any other person shall, so far as the question depends on the identity of the property, be determined by reference to the property which would for the time being be treated, in relation to the death if it occurred at that time, as property comprised in the gift.
(8) For the purposes of this section, the principal value of any property at a time before the death of the deceased shall be ascertained as it would be for the purposes of estate duty chargeable on his death if he had died immediately before that time.
(Added, 1 of 1959, s. 4)
10. Estate duty shall not be payable in respect of-
(a) property passing on the death of the deceased by reason only of a bona fide purchase from the person under whose disposition the property passes nor in respect of the determination of any annuity for lives where such purchase was made or such annuity granted for full consideration in money or money's worth paid to the vendor or grantor for his own use or benefit. Where any such purchase was made, or annuity granted, for partial consideration in money or money's worth paid to the vendor or grantor for his own use or benefit, the value of the consideration shall be allowed as a deduction from the value of the property for the purpose of estate duty; (Amended, L.N. 63/70)
(b) property situate outside the Colony, Hong Kong
20
CAP. 111]
Exceptions for transactions for money consideration. property situate outside the Colony, shares on local registers and certain
land in the New Territories.
Jcf. 1894 c. 30, s. 3]
31/90.10
Estate Duty
[1983 Ed.
of reserves of that company, or in the retention by that company, by way of set-off or otherwise, of any property distributable by it, or is otherwise provided directly or indirectly out of the assets or at the expense of that or any associated company; and for this purpose 2 companies shall be deemed to be associated if one has a controlling interest in the other, or if some person has a controlling interest in both.
(5) In the case of a donee who dies before the donor, subsec- tions (1) to (4) inclusive shall apply as if he had not died, and as if the acts of his personal representative were his acts, and property taken by any person under his testamentary dispositions or on his intes- tacy, or partial intestacy, were taken under a gift made by him at the time of his death.
(6) For purposes of aggregation, any property which is by virtue of subsections (1) to (5) inclusive to be treated as comprised in a gift inter vivos made by the deceased shall be deemed to be property in which the deceased had an interest, except in so far as it is derived from property originally comprised in the gift in which the deceased never had an interest.
(7) For the purposes of estate duty, any question whether, possession and enjoyment of any property comprised in a gift inter vivos was at a particular time assumed or had by any person to the exclusion of any other person shall, so far as the question depends on the identity of the property, be determined by reference to the property which would for the time being be treated, in relation to the death if it occurred at that time, as property comprised in the gift.
(8) For the purposes of this section, the principal value of any property at a time before the death of the deceased shall be ascertained as it would be for the purposes of estate duty chargeable on his death if he had died immediately before that time.
( Added, 1 of 1959, s. 4)
10. Estate duty shall not be payable in respect of-
(a)
property passing on the death of the deceased by reason only of a bona fide purchase from the person under whose disposition the property passes nor in respect of the determination of any annuity for lives where such purchase was made or such annuity granted for full consideration in money or money's worth paid to the vendor or grantor for his own use or benefit. Where any such purchase was made, or annuity granted, for partial consideration in money or money's worth paid to the vendor or grantor for his own use or benefit, the value of the consideration shall be allowed as a deduction from the value of the property for the purpose of estate duty; (Amended, L.N. 63/70) (b) property situate outside the Colony, Hong Kong
No comments yet.
Private notes are available after approval.