26
CAP. 111]
1943 c. 28. s. 26.
limitation on debts
deductible from value
of estate:
1910 c. 8, s. 57.
allowance for local debts only.
31/90510
value of property. 1894 c. 30. s. 7(5), 1910 c. 8. s. 60.
Estate Duty
[1983 Ed.
Commissioner that the value of the consideration given, or of that part thereof, as the case may be, exceeded that which could have been rendered available by application of all the property derived from the deceased, other than such, if any, of that property as is included in the consideration given or as to which the like facts are proved in relation to the giving of the consideration as are mentioned in the first proviso to section 6(1)(f) in relation to the purchase or provision of an annuity or other interest, no abatement shall be made in respect of the excess, and in this subsection the expressions "property derived from the deceased" and "subject matter" have the meanings respectively attributed to them in section 6(1)(f). (Added, 1 of 1959, s. 6)
(3) Where a debt or incumbrance has been incurred or created in whole or in part for the purpose of or in consideration for the purchase or acquisition or extinction, whether by operation of law or otherwise, of any interest in expectancy in any property passing or deemed to pass on the death of a deceased person, and any person whose interest in expectancy is so purchased, acquired, or extinguished becomes (under any disposition made by, or through devolution of law from, or under the intestacy of, the deceased) entitled to any interest in that property, then in determining the value of the estate of the deceased for the purpose of estate duty no allowance shall be made in respect of such debt or incumbrance, and any property charged with any such debt or incumbrance shall be deemed to pass freed from that debt or incumbrance:
Provided that-
(a) if part only of such debt or incumbrance was incurred or created for such purpose or as such consideration as aforesaid, this provision shall apply to that part of such debt or incumbrance only; and
(b) if a person whose interest in expectancy in the property so purchased, acquired, or extinguished becomes entitled to an interest in part only of that property, this provision shall apply only to such part of the debt or incumbrance as bears the same proportion to the whole debt or incumbrance as the value of the part of the property to an interest in which he becomes entitled bears to the value of the whole of that property.
(4) No allowance shall be made for debts due from the deceased, other than debts contracted in the Colony to persons ordinarily resident therein, unless charged on property situate within the Colony, Hong Kong
(5) (a) The principal value of any property shall be estimated to be the price which, in the opinion of the Commissioner, such property would fetch if sold in the open market at the time of the death of the deceased.
(b) In estimating such principal value the Commissioner shall not make any reduction in the estimate on account of the
26
CAP. 111]
1943 c. 28. s. 26.
limitation on debts
deductible from value
of estate:
1910 c. 8, s. 57.
allowance for local debts only.
31/90510
value of property. 1894 c. 30. s. 7(5), 1910 c. 8. s. 60.
Estate Duty
[1983 Ed.
Commissioner that the value of the consideration given, or of that part thereof, as the case may be, exceeded that which could have been rendered available by application of all the property derived from the deceased, other than such, if any, of that property as is included in the consideration given or as to which the like facts are proved in relation to the giving of the consideration as are mentioned in the first proviso to section 6(1)(ƒ) in relation to the purchase or provision of an annuity or other interest, no abatement shall be made in respect of the excess, and in this subsection the expressions "property derived from the deceased" and "subject matter" have the meanings respectively attributed to them in section 6(1)(ƒ). (Added, 1 of 1959, s. 6)
(3) Where a debt or incumbrance has been incurred or created in whole or in part for the purpose of or in consideration for the purchase or acquisition or extinction, whether by operation of law or otherwise, of any interest in expectancy in any property passing or deemed to pass on the death of a deceased person, and any person whose interest in expectancy is so purchased, acquired, or extin- guished becomes (under any disposition made by, or through devolu- tion of law from, or under the intestacy of, the deceased) entitled to any interest in that property, then in determining the value of the estate of the deceased for the purpose of estate duty no allowance shall be made in respect of such debt or incumbrance, and any property charged with any such debt or incumbrance shall be deemed to pass freed from that debt or incumbrance:
Provided that-
(a) if part only of such debt or incumbrance was incurred or created for such purpose or as such consideration as aforesaid, this provision shall apply to that part of such debt or incumbrance only; and
(b) if a person whose interest in expectancy in the property so purchased, acquired, or extinguished becomes entitled to an interest in part only of that property, this provision shall apply only to such part of the debt or incumbrance as bears the same proportion to the whole debt or incum- brance as the value of the part of the property to an interest in which he becomes entitled bears to the value of the whole of that property.
(4) No allowance shall be made for debts due from the deceased, other than debts contracted in the Colony to persons ordinarily resident therein, unless charged on property situate within the Colony, Hong Kong
(5) (a) The principal value of any property shall be estimated to be the price which, in the opinion of the Commissioner, such property would fetch if sold in the open market at the time of the death of the deceased.
(b) In estimating such principal value the Commissioner shall not make any reduction in the estimate on account of the
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