CAP. 111]
Estate Duty
[1983 Ed.
determination for purposes of s.s. (5); 1954 c. 44, s. 310).
cases dealt with in this subsection.
1954 c. 44. s. 29(2), (3) & (4).
person becoming entitled by virtue of or upon the disposition or determination, has or had control or powers equivalent to control of the company, either alone or in conjunction with his relatives.
(6) In determining for the purpose of subsection (5), whether a person at any time has or had control of a company either alone or in conjunction with his relatives, or a beneficial interest in possession in any shares in or debentures of a company-
(a) where that person or a relative of his is or was at any time entitled under a trust, either alone or in conjunction with that person's relatives, to not less than nine-tenths of the income arising from any such shares or debentures, that person or the relative in question, as the case may be, shall be treated as being or having been able at that time to control the exercise by the trustees of the trust or other persons in whom those shares or debentures are or were vested of any powers attached to those shares or debentures;
(b) any shares in or debentures of the company, or interests therein, which form part of a person's estate at his death shall be treated as vesting immediately on his death in the legatees or persons entitled on intestacy, without regard to the powers exercisable for the administration of the estate;
(c) there shall, in so far as the Commissioner so directs, be disregarded-
(i) any limited interest subsisting at the relevant time in any shares in or debentures of the company; and
(ii) any voting rights exercisable by virtue of any preference shares in the company, being voting rights which the Commissioner is satisfied do not materially affect the effective control of the company's affairs.
(7) The cases referred to in subsection (5) as being dealt with in this subsection are as follows-
(a) if during a continuous period of 2 years falling wholly within the 3 years ending with his death, the deceased had powers equivalent to control of the company; or
(b) if during any such period as aforesaid the dividends declared by the company and the interest accruing due on debentures of the company as defined in paragraph (c)(ii) are, as to amounts forming in the aggregate more than one-half of the total amount of the dividends and interest, to be treated by virtue of sections 36 and 37 as benefits accruing to the deceased from the company, or would have fallen to be so treated if the deceased had made a transfer of property to the company; or
(c) if at any time during the 3 years ending with the death of the deceased, not being a time when some other person had control or powers equivalent to control of the company,
56
CAP, 111]
Estate Duty
[1983 Ed.
determination for purposes of s.s. (5); 1954 c. 44, s. 310).
cases dealt with in this subsection.
1954 c. 44. s. 29(2). (3) & (4).
person becoming entitled by virtue of or upon the disposition or determination, has or had control or powers equivalent to control of the company, either alone or in conjunction with his relatives.
(6) In determining for the purpose of subsection (5), whether a person at any time has or had control of a company either alone or in conjunction with his relatives, or a beneficial interest in possession in any shares in or debentures of a company-
(a) where that person or a relative of his is or was at any time entitled under a trust, either alone or in conjunction with that person's relatives, to not less than nine-tenths of the income arising from any such shares or debentures, that person or the relative in question, as the case may be, shall be treated as being or having been able at that time to control the exercise by the trustees of the trust or other persons in whom those shares or debentures are or were vested of any powers attached to those shares or debentures;
(b) any shares in or debentures of the company, or interests therein, which form part of a person's estate at his death shall be treated as vesting immediately on his death in the legatees or persons entitled on intestacy, without regard to the powers exercisable for the administration of the estate;
(c) there shall, in so far as the Commissioner so directs, be
disregarded-
(i) any limited interest subsisting at the relevant time in any shares in or debentures of the company; and
(ii) any voting rights exercisable by virtue of any prefer- ence shares in the company, being voting rights which the Commissioner is satisfied do not materially affect the effec- tive control of the company's affairs.
(7) The cases referred to in subsection (5) as being dealt with in this subsection are as follows-
(a) if during a continuous period of 2 years falling wholly within the 3 years ending with his death, the deceased had powers equivalent to control of the company; or
(b) if during any such period as aforesaid the dividends declared by the company and the interest accruing due on debentures of the company as defined in paragraph (c)(ii) are, as to amounts forming in the aggregate more than one-half of the total amount of the dividends and interest, to be treated by virtue of sections 36 and 37 as benefits accruing to the deceased from the company, or would have fallen to be so treated if the deceased had made a transfer of property to the company; or
(c) if at any time during the 3 years ending with the death of the deceased, not being a time when some other person had control or powers equivalent to control of the company,
No comments yet.
Private notes are available after approval.