48
CAP. 111]
Estate Duty
[1983 Ed.
valuation of distributed assets. 1940 c. 29, s. 50(4)
Limitation on charge;
1940 c. 29, s. SID).
interpretation: 1940 c. 29, s. 51(1),
limitation of value where consideration given.
1950 c. 15, s. 47. 1952 c. 33, s. 72.
(4) For the purpose of the estimation of the principal value of any distributed assets, section 13(5)(a) shall have effect with the substitution for the reference therein to the time of the death of the deceased of a reference to the time of the distribution, and effect shall be given to the proviso to paragraph (b) of the said subsection as at the time of the distribution only, due regard being had to the expectation of life of the deceased at that time.
(Added, I of 1959, s. 10)
40. (1) If it is shown to the satisfaction of the Commissioner
the value of all such property as is mentioned in section 35(1) of which the deceased made a transfer to the company, together with an amount equal to any excess of interest at the average rate on the value thereof from the date or respective dates of transfer to the death of the deceased over the aggregate amount of the benefits received by the deceased by virtue of the transfer is less than the value on which estate duty would be chargeable on the death under section 35 if all benefits accruing to him from the company other than benefits received by him by virtue of the transfer were disregarded,
then, an amount equal to the deficiency shall be deducted from the proportion of the value of the company's assets that corresponds to the benefits received by him by virtue of the transfer.
(2) References in subsection (1) to benefits received by the deceased by virtue of a transfer shall be construed as references to benefits accruing to him from the company which he received or had as consideration for the transfer, or in consequence of his having received as consideration therefor shares or debentures or other property which produced any of those benefits.
(3) Where the following conditions are satisfied, that is to say, that the deceased has, within 3 years before his death, disposed of any shares in or debentures of the company for consideration in money or money's worth paid to him for his own use or benefit, and that any benefits accrued to the deceased from the company by virtue of those shares or debentures or by virtue of a power's having been exercisable by him or with his consent in relation to those shares or debentures, then--
(a) if the value of the said consideration or the aggregate value of the shares or debentures ascertained as if they passed on the death, whichever is the greater, is equal to or greater than the proportion of the value of the company's assets that corresponds to the benefits that so accrued to him, or if the Commissioner is satisfied that the said proportion would not, if fully ascertained, be found to be substantially in excess of that value, duty on the said proportion shall not be payable;
(b) in any other case, the amount on which duty is to be charged in respect of the said proportion shall be reduced
48
CAP. 111]
Estate Duty
[1983 Ed.
valuation of distributed assets. 1940 c. 29, s. 50(4)
Limitation on charge;
1940 c. 29, s. SID).
interpretation: 1940 c. 29, s. 51(1),
limitation of value where consideration given.
1950 c. 15, s. 47. 1952 c. 33, s. 72.
(4) For the purpose of the estimation of the principal value of any distributed assets. section 13(5)(a) shall have effect with the substitution for the reference therein to the time of the death of the deceased of a reference to the time of the distribution, and effect shall be given to the proviso to paragraph (b) of the said subsection as at the time of the distribution only, due regard being had to the expectation of life of the deceased at that time.
that
( Added, I of 1959, s. 10)
40. (1) If it is shown to the satisfaction of the Commissioner
the value of all such property as is mentioned in section 35(1) of which the deceased made a transfer to the company, together with an amount equal to any excess of interest at the average rate on the value thereof from the date or respective dates of transfer to the death of the deceased over the aggregate amount of the benefits received by the deceased by virtue of the transfer is less than the value on which estate duty would be chargeable on the death under section 35 if all benefits accruing to him. from the company other than benefits received by him by virtue of the transfer were disregarded,
then, an amount equal to the deficiency shall be deducted from the proportion of the value of the company's assets that corresponds to the benefits received by him by virtue of the transfer.
(2) References in subsection (1) to benefits received by the deceased by virtue of a transfer shall be construed as references to benefits accruing to him from the company which he received or had as consideration for the transfer, or in consequence of his having received as consideration therefor shares or debentures or other property which produced any of those benefits.
(3) Where the following conditions are satisfied, that is to say. that the deceased has, within 3 years before his death, disposed of any shares in or debentures of the company for consideration in money or money's worth paid to him for his own use or benefit, and that any benefits accrued to the deceased from the company by virtue of those shares or debentures or by virtue of a power's having been exercisable by him or with his consent in relation to those shares or debentures, then--
(a) if the value of the said consideration or the aggregate value of the shares or debentures ascertained as if they passed on the death, whichever is the greater, is equal to or greater than the proportion of the value of the company's assets that corresponds to the benefits that so accrued to him, or if the Commissioner is satisfied that the said proportion would not, if fully ascertained, be found to be substantially in excess of that value, duty on the said proportion shall not be payable;
(b) in any other case, the amount on which duty is to be charged in respect of the said proportion shall be reduced
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