1964_ESTATE_DUTY_ORDINANCE — Page 24

1983 Ed.]

Estate Duty

[CAP. 111

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such a policy or moneys, then the rate of estate duty to be paid on any such policy, money or interest so included (hereinafter referred to as “a life insurance") shall be determined as follows-

(a) in respect of the value of any life insurance or interest in a life insurance to which immediately after the death any one person is absolutely and indefeasibly entitled for his own benefit otherwise than by virtue of a purchase for consider- ation in money or money's worth, whether of that life insurance or interest or of the policy or otherwise, the rate shall be that appropriate to the value or aggregate value of that life insurance or interest and of any other life insur- ance or interest in a life insurance to which he is so entitled;

(b) subject to paragraph (a) the rate shall be that appropriate to the aggregate value of all the life insurance or, if there is only one, to the value of that life insurance:

Provided that for the purposes of this subsection--

(i) where any life insurance or interest in a life insurance is immediately after the death subject to a mortgage or charge, the mortgage or charge shall be disregarded and the life insurance or interest shall be valued accordingly; and

(ii) in relation to life insurances and interests therein which then form part of the unadministered estate of a deceased person this subsection shall have effect as if that person had been then living and entitled to those life insurances and interests.

(5) For the purposes of subsection (4)(a), the value of any interest in a policy of assurance or moneys received under such a policy shall be arrived at by apportioning the total value of the policy or moneys according to the respective values of the interest in question and of the interest a person would have if, except for the interest in question, he were absolutely and indefeasibly entitled to the policy or moneys. (Added, 1 of 1959, s. 5)

12. (1) Estate duty shall be payable as hereinafter mentioned.

(2) The executor of the deceased shall pay the estate duty in respect of all property, of which the deceased was competent to dispose at the date of his death, on delivering the affidavit for the Commissioner, and may pay in like manner the estate duty in respect of any other property passing on such death, which by virtue of any testamentary disposition of the deceased is under the control of the executor or, in the case of property not under his control, if the persons accountable for the estate duty in respect thereof request him to make such payment. (Amended, 47 of 1962, s. 5)

(3) Where the executor does not know the amount or value of any property which has passed on the death, he may state in the affidavit for the Commissioner that such property exists, but that he does not know the amount or value thereof and that he undertakes

Payment of estate duty; 1894 c. 30, s. 6.

mode of payment:

provision for unknown values;