1983 Ed.]
Estate Duty
(CAP. 111
41
(d) where the second death occurs within 4 years of the first death, by 20 per cent.
(e) where the second death occurs within 5 years of the first death, by 10 per cent:
Provided that where the value, on which the duty is payable, of the property on the second death exceeds the value, on which the duty was payable, of the property on the first death, the latter value shall be substituted for the former for the purpose of calculating the amount of duty on which the reduction under this section is to be calculated.
32. The amount of estate duty payable on an estate at the rate applicable thereto under the scale of rates of duty shall, where necessary, be reduced so as not to exceed the highest amount of duty which would be payable at the next lower rate, with the addition of the amount by which the value of the estate exceeds the value on which the highest amount of duty would be so payable at the lower rate.
Reduction of full amount of duty where the margin above the limit of value is small.
1914 c. 10. s. 13(1).
Relief in the interests which do not fall into possession.
33. (1) In the case of settled property, where the interest of any person under the settlement fails or determines by reason of his death before it becomes an interest in possession, and subsequent limitations under the settlement continue to subsist, the property shall not be deemed to pass on his death.
(2) For the purposes of this section, the term "settlement" means any deed, will, agreement for a settlement, or other instrument, or any number of instruments, whether made before or after or partly before and partly after 27 February 1931, under or by virtue of which instrument or instruments any property, or any estate or interest in any property, stands for the time being limited to or in trust for any persons by way of succession, and the term "settled property" means the property comprised in a settlement.
34. (1) The companies to which sections 35, 41, 44 and 45 respectively apply are any company which, at any relevant time, is deemed to have been under the control of not more than 5 persons not being a company which, at any such time, is deemed to have been either a subsidiary company or a company in which the public were substantially interested.
(2) A company shall be deemed to be under the control of not more than 5 persons---
(a) if any 5 or fewer persons together exercise, or are able to exercise, or are entitled to acquire, control, whether direct or indirect, over the company's affairs, and in particular, but without prejudice to the generality of the foregoing words, if any 5 or fewer persons together possess, or are entitled to acquire, the greater part of the share capital or voting power of the company; or
1894 c. 30, s. 3(3).
Controlled companies.
1922 c. 17, s. 21(6).
1936 c. 34, s. 19 and 1940 c. 29, s. 58(1).
1936 c. 34, s. 19(1) (a) & (b).
1983 Ed.]
Estate Duty
(CAP. 111
41
(d) where the second death occurs within 4 years of the first
death, by 20 per cent.
(e) where the second death occurs within 5 years of the first
death, by 10 per cent:
Provided that where the value, on which the duty is payable, of the property on the second death exceeds the value, on which the duty was payable, of the property on the first death, the latter value shall be substituted for the former for the purpose of calculating the amount of duty on which the reduction under this section is to be calculated.
32. The amount of estate duty payable on an estate at the rate applicable thereto under the scale of rates of duty shall, where necessary, be reduced so as not to exceed the highest amount of duty which would be payable at the next lower rate, with the addition of the amount by which the value of the estate exceeds the value on which the highest amount of duty would be so payable at the lower rate.
Reduction of full amount of duty where the margin above the limit of value is small.
1914 c. 10. s. 1301).
Relief in the
interests which do not fall
33. (1) In the case of settled property, where the interest of any person under the settlement fails or determines by reason of his case of certain death before it becomes an interest in possession, and subsequent limitations under the settlement continue to subsist, the property into possession. shall not be deemed to pass on his death.
(2) For the purposes of this section, the term "settlement” means any deed, will, agreement for a settlement. or other instru- ment, or any number of instruments, whether made before or after or partly before and partly after 27 February 1931, under or by virtue of which instrument or instruments any property, or any estate or interest in any property, stands for the time being limited to or in trust for any persons by way of succession, and the term "settled property" means the property comprised in a settlement.
34. (1) The companies to which sections 35, 41, 44 and 45 respectively apply are any company which, at any relevant time, is deemed to have been under the control of not more than 5 persons not being a company which, at any such time, is deemed to have been either a subsidiary company or a company in which the public were substantially interested.
(2) A company shall be deemed to be under the control of not more than 5 persons---
(a) if any 5 or fewer persons together exercise, or are able to exercise, or are entitled to acquire, control, whether direct or indirect, over the company's affairs, and in particular, but without prejudice to the generality of the foregoing words, if any 5 or fewer persons together possess, or are entitled to acquire. the greater part of the share capital or voting power of the company; or
1894 2. 30, s. St3).
Controlled companies.
1922 c. 17, s. 21(6). 1936 c. 34, s. 19 and 1940 c. 29, s. 5801).
1936 c. 34, s. 19(1) (o) & (b).
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