1983 Ed.]
Estate Duty
[CAP. 111
45
liability imposed by or under any enactment, or in or towards discharge of a fine or penalty or of a liability for tort incurred without collusion with the injured party, including assets which have been so disposed of or distributed in a winding-up, whether continuing at or completed before the death:
Provided that this subsection shall not apply to assets disposed of or distributed by way of payments of dividends of amounts not exceeding in the aggregate, as respects payments made in any accounting year or in the period between the end of the last accounting year and the death of the deceased, the amount of the profits of the company for that year or period.
(4) The provisions contained in the Seventeenth Schedule shall have effect for the purpose of supplementing and interpreting this section, section 34 and sections 36 to 45 inclusive.
(Added, 1 of 1959, s. 10. – Amended, 47 of 1962, s. 11; 24 of 1967, s. 3; 37 of 1970, s. 3; 27 of 1972, s. 4; 24 of 1974, s. 3; 31 of 1976, s. 4; 31 of 1977, s. 4; 33 of 1980, s. 3; 29 of 1981, s. 6 and 28 of 1982, s. 5)
36. The following shall be treated as benefits accruing to the deceased from the company, that is to say--
(a) any profits of the company, and any periodical payment out of the resources or at the expense of the company, which the deceased received for his own benefit whether directly or indirectly, and any enjoyment in specie of land or other property of the company or of a right thereover which the deceased had for his own benefit whether directly or indirectly;
(b) any such profits or payment or enjoyment which the deceased was entitled to receive or have as aforesaid; and
(c) any such profits or payment or enjoyment which the deceased could have become entitled to receive or have as aforesaid by an exercise in the 3 years ending with his death of any power exercisable by him or with his consent, and where the deceased could, by an exercise in the said 3 years of any such power as aforesaid, have become entitled to receive as aforesaid any payment out of the resources or at the expense of the company not being a periodical payment, but did not in fact receive or become entitled to receive that payment, there shall be treated as a benefit accruing to the deceased from the company interest on that payment at the average rate from the earliest date on which he could have become entitled to receive it.
(Added, 1 of 1959, s. 10)
37. (1) Subject to the provisions of subsection (3), if the deceased has made, whether for value or not, a surrender of his title to receive any such profit or payment or enjoyment as is mentioned in section 36, or of any such power as is therein mentioned, section 36 shall have effect as if the surrender had not been made.
Seventeenth Schedule.
Benefits from company to deceased.
(1940 c. 29, s. 47(1)).
Surrender of benefits:
(1940 c. 29, s. 48)
1983 Ed.]
Estate Duty
[CAP. 111
45
liability imposed by or under any enactment, or in or towards discharge of a fine or penalty or of a liability for tort incurred without collusion with the injured party, including assets which have been so disposed of or distributed in a winding-up, whether continuing at or completed before the death:
Provided that this subsection shall not apply to assets disposed of or distributed by way of payments of dividends of amounts not exceeding in the aggregate, as respects payments made in any accounting year or in the period between the end of the last accounting year and the death of the deceased, the amount of the profits of the company for that year or period. KINETEENTH
(4) The provisions contained in the Seventeenth- Schedule shall have effect for the purpose of supplementing and interpreting this section, section 34 and sections 36 to 45 inclusive.
( Added, 1 of 1959, s. 10. – Amended, 47 of 1962, s. 11; 24 of 1967, s. 3; 37 of 1970, s. 3; 27 of 1972, s. 4; 24 of 1974, s. 3; 31 of 1976, s. 4; 31 of 1977, s. 4; 33 of 1980, s. 3; 29 of 1981, s. 6 and 28 of 1982, s. 5)
36. The following shall be treated as benefits accruing to the deceased from the company, that is to say--
(a) any profits of the company, and any periodical payment out of the resources or at the expense of the company, which the deceased received for his own benefit whether directly or indirectly, and any enjoyment in specie of land or other property of the company or of a right thereover which the deceased had for his own benefit whether direc- tly or indirectly;
(b) any such profits or payment or enjoyment which the
deceased was entitled to receive or have as aforesaid; and
(c) any such profits or payment or enjoyment which the deceased could have become entitled to receive or have as aforesaid by an exercise in the 3 years ending with his death of any power exercisable by him or with his consent, and where the deceased could, by an exercise in the said 3 years of any such power as aforesaid, have become entitled to receive as aforesaid any payment out of the resources or at the expense of the company not being a periodical payment, but did not in fact receive or become entitled to receive that payment, there shall be treated as a benefit accruing to the deceased from the company interest on that payment at the average rate from the earliest date on which he could have become entitled to receive it.
(Added, I of 1959, s. 10)
37. (1) Subject to the provisions of subsection (3), if the deceased has made, whether for value or not, a surrender of his title to receive any such profit or payment or enjoyment as is mentioned in section 36, or of any such power as is therein mentioned, section 36 shall have effect as if the surrender had not been made.
31/9050
Seventeenth Schedule.
Benefits from company to deceased.
1940 c. 29. s. 471).
Surrender of benefits:
1940 c. 29, s. 48
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