1964_ESTATE_DUTY_ORDINANCE — Page 28

1983 Ed.]

Estate Duty

[CAP. 111

27

estimate being made on the assumption that the whole property is to be placed on the market at one and the same time:

Provided that where it is proved to the Commissioner that the value of the property has been depreciated by the reason of the death of the deceased the Commissioner in fixing the price shall take such depreciation into account. (6) When an estate includes an interest in expectancy, estate duty in respect of that interest shall be paid, at the option of the person accountable for the estate duty, either with the duty in respect of the rest of the estate or when the interest falls into possession, and if the duty is not paid with the estate duty in respect of the rest of the estate, then-

(a) for the purpose of determining the rate of estate duty in respect of the rest of the estate the value of the interest shall be its value at the date of the death of the deceased; and

(b) the rate of estate duty in respect of the interest when it falls into possession shall be calculated according to its value when it falls into possession, together with the value of the rest of the estate as previously ascertained.

(7) The value of the benefit accruing or arising from the cesser of an interest ceasing on the death of the deceased shall-

(a) if the interest extended to the whole income of the pro-

perty, be the principal value of that property; and

(b) if the interest extended to less than the whole income of the property, be the principal value of an addition to the property equal to the income to which the interest extended.

(8) The value of any property for the purpose of estate duty shall be ascertained by the Commissioner in such manner and by such means as he thinks fit, and, if he authorizes any person to inspect any property and to report to him the value thereof for the purposes of this Ordinance, the person having the custody or possession of that property shall permit the person so authorized to inspect it at such reasonable times as the Commissioner considers necessary.

(9) When the Commissioner requires a valuation to be made by a person named by him, the reasonable costs of such valuation shall be defrayed by the Commissioner.

14. (1) All duty, interest and penalties payable under this Ordinance shall be recoverable by the Commissioner by action in the District Court, notwithstanding that the amount is in excess of the sum mentioned in section 33 of the District Court Ordinance: (Amended, 68 of 1973, s. 5 and 79 of 1981, s. 3)

Provided that nothing in this section shall affect any other remedy for the recovery of duty, interest or penalties payable under this Ordinance. (Replaced, 47 of 1962, s. 7)

interest in expectancy;

1894 c. 30, s. 7(6).

benefit arising from cesser of an interest; 1894 c. 30, s. 7(7).

ascertainment of value of estate duty.

1894 c. 30. s. 7(8).

costs of valuation. 1894 c. 30, s. 7(9).

Recovery of estate duty, etc.;

(Cap. 336.)