1964_ESTATE_DUTY_ORDINANCE — Page 52

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1983 Ed.]

Estate Duty

[CAP. 111

(8) References in this section to the proportion of the value of the company's assets that corresponds to any particular benefits shall be construed as references to so much of the value on which estate duty is chargeable on the death by virtue of section 35 as is chargeable by reason of the bringing of those benefits into the computation made under subsection (2) of that section.

(9) So much of any profit or periodical payment or enjoyment of a kind mentioned in section 36 as is shown to the satisfaction of the Commissioner to have represented, or to have been such that it would if received have represented, reasonable remuneration to the deceased for any services rendered by him as the holder of an office under the company shall, notwithstanding anything in that section, not be treated for the purposes of sections 34 to 45 inclusive, as a benefit accruing to the deceased from the company; and any liability of the company in respect of the remuneration of any person as the holder of an office under the company shall be treated for the purposes of the aforesaid sections as incurred for the purposes of the business of the company wholly and exclusively to the extent to which it is shown to the satisfaction of the Commissioner that the amount thereof was reasonable, and that extent only.

(Added, 1 of 1959, s. 10)

41. (1) If a company to which section 35 applies was concerned in a transaction falling within the scope of that section, or in any one or more of associated operations of which that transaction formed one, the provisions of section 10(a), and of section 40(3), shall have no effect as respects that transaction or operation.

(2) Where a disposition has been made or an interest determined or surrendered to which either the proviso to section 6(1)(h), or section 37(3), applies and, that disposition, determination or surrender, or one or more associated operations of which that disposition or determination or surrender formed one, concerned-

(a) a company to which section 35 applies; and

(b) another person being the owner of the beneficial interest involved,

then the conditions as to the entire exclusion of the person referred to in paragraph (b) shall not be treated for the purpose of the aforesaid provisions as having been satisfied if it can be shown that at the time of the said disposition, determination or surrender, or at any time thereafter, the said person had any benefit by virtue of that disposition, determination or surrender.

(Added, 1 of 1959, s. 10)

42. (1) A company to which section 35 applies shall be under obligation to inform the Commissioner, within one month from the date of the death of the deceased, of the death, of the fact that the deceased made a transfer of property to the company, and of the fact that benefits accrued to the deceased from the company, and every person who was an officer of the company at that date, or, if the...

value of assets

accruing to deceased: 1940 c. 29, s. 51(3).

allowance for reasonable remuneration. 1940 c. 29, s. 51(4).

Limitation of exceptions.

1940 c. 29, s. 56(1) & 1950 c. 15, s. 47(1).

51

1940 c. 29, s. 56(2) & 1950 c. 15, s. 47(1).

Duty to give information on death:

1940 c. 29, s. 53.

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1983 Ed.] Estate Duty [CAP. 111 (8) References in this section to the proportion of the value of the company's assets that corresponds to any particular benefits shall be construed as references to so much of the value on which estate duty is chargeable on the death by virtue of section 35 as is chargeable by reason of the bringing of those benefits into the computation made under subsection (2) of that section. (9) So much of any profit or periodical payment or enjoyment of a kind mentioned in section 36 as is shown to the satisfaction of the Commissioner to have represented, or to have been such that it would if received have represented, reasonable remuneration to the deceased for any services rendered by him as the holder of an office under the company shall, notwithstanding anything in that section, not be treated for the purposes of sections 34 to 45 inclusive, as a benefit accruing to the deceased from the company; and any liability of the company in respect of the remuneration of any person as the holder of an office under the company shall be treated for the purposes of the aforesaid sections as incurred for the purposes of the business of the company wholly and exclusively to the extent to which it is shown to the satisfaction of the Commissioner that the amount thereof was reasonable, and that extent only. (Added, 1 of 1959, s. 10) 41. (1) If a company to which section 35 applies was concerned in a transaction falling within the scope of that section, or in any one or more of associated operations of which that transaction formed one, the provisions of section 10(a), and of section 40(3), shall have no effect as respects that transaction or operation. (2) Where a disposition has been made or an interest determined or surrendered to which either the proviso to section 6(1)(h), or section 37(3), applies and, that disposition, determination or surrender, or one or more associated operations of which that disposition or determination or surrender formed one, concerned- (a) a company to which section 35 applies; and (b) another person being the owner of the beneficial interest involved, then the conditions as to the entire exclusion of the person referred to in paragraph (b) shall not be treated for the purpose of the aforesaid provisions as having been satisfied if it can be shown that at the time of the said disposition, determination or surrender, or at any time thereafter, the said person had any benefit by virtue of that disposition, determination or surrender. (Added, 1 of 1959, s. 10) 42. (1) A company to which section 35 applies shall be under obligation to inform the Commissioner, within one month from the date of the death of the deceased, of the death, of the fact that the deceased made a transfer of property to the company, and of the fact that benefits accrued to the deceased from the company, and every person who was an officer of the company at that date, or, if the... value of assets accruing to deceased: 1940 c. 29, s. 51(3). allowance for reasonable remuneration. 1940 c. 29, s. 51(4). Limitation of exceptions. 1940 c. 29, s. 56(1) & 1950 c. 15, s. 47(1). 51 1940 c. 29, s. 56(2) & 1950 c. 15, s. 47(1). Duty to give information on death: 1940 c. 29, s. 53.
Baseline (Original)
1983 Ed.] Estate Duty [CAP. 111 (8) References in this section to the proportion of the value of the company's assets that corresponds to any particular benefits shall be construed as references to so much of the value on which estate duty is chargeable on the death by virtue of section 35 as is chargeable by reason of the bringing of those benefits into the computation made under subsection (2) of that section. (9) So much of any profit or periodical payment or enjoyment of a kind mentioned in section 36 as is shown to the satisfaction of the Commissioner to have represented, or to have been such that it would if received have represented, reasonable remuneration to the deceased for any services rendered by him as the holder of an office under the company shall, notwithstanding anything in that section, not be treated for the purposes of sections 34 to 45 inclusive, as a benefit accruing to the deceased from the company; and any liability of the company in respect of the remuneration of any person as the holder of an office under the company shall be treated for the purposes of the aforesaid sections as incurred for the purposes of the business of the company wholly and exclusively to the extent to which it is shown to the satisfaction of the Commissioner that the amount thereof was reasonable, and that extent only. ( Added, 1 of 1959, s. 10) 41. (1) If a company to which section 35 applies was con- cerned in a transaction falling within the scope of that section, or in any one or more of associated operations of which that transaction formed one, the provisions of section 10(a), and of section 40(3). shall have no effect as respects that transaction or operation. (2) Where a disposition has been made or an interest deter- mined or surrendered to which either the proviso to section 6(1)(h), or section 37(3), applies and, that disposition, determination or surrender, or one or more associated operations of which that disposition or determination or surrender formed one, concerned- (a) a company to which section 35 applies; and (b) another person being the owner of the beneficial interest involved, then the conditions as to the entire exclusion of the person referred to in paragraph (b) shall not be treated for the purpose of the aforesaid provisions as having been satisfied if it can be shown that at the time of the said disposition, determination or surrender, or at any time thereafter, the said person had any benefit by virtue of that disposition, determination or surrender. ( Added, 1 of 1959, s. 10) 42. (1) A company to which section 35 applies shall be under obligation to inform the Commissioner, within one month from the date of the death of the deceased, of the death, of the fact that the deceased made a transfer of property to the company, and of the fact that benefits accrued to the deceased from the company, and every person who was an officer of the company at that date, or, if the value of assets accruig to deceased: 1940 c. 29, s. 5131. allowance for reasonable remuneration. 1940 c. 29. s. 51(4). Limitation of exceptions. 1940 c. 39. s. 5601) & 1950 e. 15. s. 47(hi). 51 1940 c. 29. s. 56(2) & 1950 c. 15. s. 431). Duty to give information on death: 1940 c. 29, s. 53.
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1983 Ed.]

Estate Duty

[CAP. 111

(8) References in this section to the proportion of the value of the company's assets that corresponds to any particular benefits shall be construed as references to so much of the value on which estate duty is chargeable on the death by virtue of section 35 as is chargeable by reason of the bringing of those benefits into the computation made under subsection (2) of that section.

(9) So much of any profit or periodical payment or enjoyment of a kind mentioned in section 36 as is shown to the satisfaction of the Commissioner to have represented, or to have been such that it would if received have represented, reasonable remuneration to the deceased for any services rendered by him as the holder of an office under the company shall, notwithstanding anything in that section, not be treated for the purposes of sections 34 to 45 inclusive, as a benefit accruing to the deceased from the company; and any liability of the company in respect of the remuneration of any person as the holder of an office under the company shall be treated for the purposes of the aforesaid sections as incurred for the purposes of the business of the company wholly and exclusively to the extent to which it is shown to the satisfaction of the Commissioner that the amount thereof was reasonable, and that extent only.

( Added, 1 of 1959, s. 10)

41. (1) If a company to which section 35 applies was con- cerned in a transaction falling within the scope of that section, or in any one or more of associated operations of which that transaction formed one, the provisions of section 10(a), and of section 40(3). shall have no effect as respects that transaction or operation.

(2) Where a disposition has been made or an interest deter- mined or surrendered to which either the proviso to section 6(1)(h), or section 37(3), applies and, that disposition, determination or surrender, or one or more associated operations of which that disposition or determination or surrender formed one, concerned-

(a) a company to which section 35 applies; and

(b) another person being the owner of the beneficial interest

involved,

then the conditions as to the entire exclusion of the person referred to in paragraph (b) shall not be treated for the purpose of the aforesaid provisions as having been satisfied if it can be shown that at the time of the said disposition, determination or surrender, or at any time thereafter, the said person had any benefit by virtue of that disposition, determination or surrender.

( Added, 1 of 1959, s. 10)

42. (1) A company to which section 35 applies shall be under obligation to inform the Commissioner, within one month from the date of the death of the deceased, of the death, of the fact that the deceased made a transfer of property to the company, and of the fact that benefits accrued to the deceased from the company, and every person who was an officer of the company at that date, or, if the

value of assets

accruig to deceased: 1940 c. 29, s. 5131.

allowance for reasonable remuneration. 1940 c. 29. s. 51(4).

Limitation of exceptions.

1940 c. 39. s. 5601) & 1950 e. 15. s. 47(hi).

51

1940 c. 29. s. 56(2) & 1950 c. 15. s. 431).

Duty to give information on death:

1940 c. 29, s. 53.

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