1964_ESTATE_DUTY_ORDINANCE — Page 68

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1983 Ed.]

Estate Duty

[CAP. 111

67

SEVENTEENTH SCHEDULE

NINETEENTH SCHEDULE

PROVISIONS SUPPLEMENTARY TO SECTIONS 34 TO 45 INCLUSIVE

Amounts to be taken into account in respect of benefits, and time when benefits are to be treated as accruing

[s. 35.]

1. (1) The provisions of this paragraph shall have effect for the purpose of determining the amounts to be taken into account, for the purposes of section 35(2), as the amounts of benefits accruing to the deceased from the company.

(2) No amount shall be taken into account more than once.

(3) Where an amount is taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered, due regard shall be had to the effect that his receiving the benefit, or the power's being exercised, would have had in relation to other benefits.

(4) The amounts that are to be taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered, shall be such as would have fallen to be taken into account as benefits received by the deceased if he had acted in relation to the claiming of benefits and the exercising of powers during the 3 years ending with his death to his greatest financial advantage, due regard being had to any consideration which he would have had to give in respect of a claim to any benefit or the exercise of any power.

(5) In making for the purposes of sub-paragraph (4) a computation of any diminution of income which the deceased would have sustained by giving any such consideration as is therein mentioned, or of any increase of income which the company would have obtained from any such consideration to be given to the company, it shall be assumed that the consideration would have yielded income equal to interest at the average rate on the amount or value thereof.

(6) The amounts to be taken into account shall include any tax charged under the Inland Revenue Ordinance, in respect of the benefits in question.

(7) The amount to be taken into account in respect of a benefit consisting of any enjoyment in specie of land or buildings or land and buildings or other property of the company or of a right thereover shall be the value of the enjoyment thereof for the period during which the benefit subsisted, and that value shall be calculated in the case of leasehold property situate in Hong Kong by reference to the annual value as ascertained for the purposes of section 5 of the Inland Revenue Ordinance, and in the case of other land or buildings or land and buildings by such method as the Commissioner may consider just and reasonable.

2. (1) The provisions of this paragraph shall have effect for the purpose of determining-

(a) whether a benefit accruing to the deceased from the company is to be treated as having accrued to him during the 3 years ending with his death, or during a particular accounting year, or at any other relevant time; and

(b) the period during which a benefit consisting of any enjoyment in specie of land or buildings or land and buildings or other property of the company or of a right thereover is to be treated as having subsisted.

(2) A benefit consisting of profits of the company or a periodical payment which the deceased received, or became entitled to, but did not in fact receive, shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof.

(3) A benefit consisting of profits of the company or a periodical payment which the deceased could have become entitled to receive by an exercise in the 3 years ending with his death of a power which was not in fact exercised or was surrendered shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof if he had acted as mentioned in paragraph 1(4).

(4) A benefit consisting of interest on such a payment other than a periodical payment as is mentioned in section 36 which the deceased could have become entitled to receive shall be treated as having accrued to him in any accounting year to the extent to which the period during which the interest is to be treated as accruing fell within that year.

1940 c. 39, 7th Schedule.

(Cap. 112)

31/905

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1983 Ed.] Estate Duty [CAP. 111 67 SEVENTEENTH SCHEDULE NINETEENTH SCHEDULE PROVISIONS SUPPLEMENTARY TO SECTIONS 34 TO 45 INCLUSIVE Amounts to be taken into account in respect of benefits, and time when benefits are to be treated as accruing [s. 35.] 1. (1) The provisions of this paragraph shall have effect for the purpose of determining the amounts to be taken into account, for the purposes of section 35(2), as the amounts of benefits accruing to the deceased from the company. (2) No amount shall be taken into account more than once. (3) Where an amount is taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered, due regard shall be had to the effect that his receiving the benefit, or the power's being exercised, would have had in relation to other benefits. (4) The amounts that are to be taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered, shall be such as would have fallen to be taken into account as benefits received by the deceased if he had acted in relation to the claiming of benefits and the exercising of powers during the 3 years ending with his death to his greatest financial advantage, due regard being had to any consideration which he would have had to give in respect of a claim to any benefit or the exercise of any power. (5) In making for the purposes of sub-paragraph (4) a computation of any diminution of income which the deceased would have sustained by giving any such consideration as is therein mentioned, or of any increase of income which the company would have obtained from any such consideration to be given to the company, it shall be assumed that the consideration would have yielded income equal to interest at the average rate on the amount or value thereof. (6) The amounts to be taken into account shall include any tax charged under the Inland Revenue Ordinance, in respect of the benefits in question. (7) The amount to be taken into account in respect of a benefit consisting of any enjoyment in specie of land or buildings or land and buildings or other property of the company or of a right thereover shall be the value of the enjoyment thereof for the period during which the benefit subsisted, and that value shall be calculated in the case of leasehold property situate in Hong Kong by reference to the annual value as ascertained for the purposes of section 5 of the Inland Revenue Ordinance, and in the case of other land or buildings or land and buildings by such method as the Commissioner may consider just and reasonable. 2. (1) The provisions of this paragraph shall have effect for the purpose of determining- (a) whether a benefit accruing to the deceased from the company is to be treated as having accrued to him during the 3 years ending with his death, or during a particular accounting year, or at any other relevant time; and (b) the period during which a benefit consisting of any enjoyment in specie of land or buildings or land and buildings or other property of the company or of a right thereover is to be treated as having subsisted. (2) A benefit consisting of profits of the company or a periodical payment which the deceased received, or became entitled to, but did not in fact receive, shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof. (3) A benefit consisting of profits of the company or a periodical payment which the deceased could have become entitled to receive by an exercise in the 3 years ending with his death of a power which was not in fact exercised or was surrendered shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof if he had acted as mentioned in paragraph 1(4). (4) A benefit consisting of interest on such a payment other than a periodical payment as is mentioned in section 36 which the deceased could have become entitled to receive shall be treated as having accrued to him in any accounting year to the extent to which the period during which the interest is to be treated as accruing fell within that year. 1940 c. 39, 7th Schedule. (Cap. 112) 31/905
Baseline (Original)
1983 Ed.] Estate Duty [CAP. 111 67 SEVENTEENTH SCHEDULE NINEIBENTLEighteenth Schedul PROVISIONS SUPPLEMENTARY TO SECTIONS 34 TO 45 INCLUSIVE Amounts to be taken into account in respect of benefits, and time when benefits are to be treated as accruing [s. 35.] 1. (1) The provisions of this paragraph shall have effect for the purpose of determining the amounts to be taken into account, for the purposes of section 35(2). as the amounts of benefits accruing to the deceased from the company. (2) No amount shall be taken into account more than once. (3) Where an amount is taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered, due regard shall be had to the effect that his receiving the benefit, or the power's being exercised, would have had in relation to other benefits. (4) The amounts that are to be taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered. shall be such as would have falien to be taken into account as benefits received by the deceased if he had acted in relation to the claiming to benefits and the exercising of powers during the 3 years ending with his death to his greatest financial advantage, due regard being had to any consideration which he would have had to give in respect of a claim to any benefit or the exercise of any power. (5) In making for the purposes of sub-paragraph (4) a computation of any diminution of income which the deceased would have sustained by giving any such consideration as it therein mentioned, or of any increase of income which the company would have obtained from any such consideration to be given to the company, it shall be assumed that the consideration would have yielded income equal to interest at the average rate on the amount or value thereof. (6) The amounts to be taken into account shall include any tax charged under the Inland Revenue Ordinance. in respect of the benefits in question. (7) The amount to be taken into account in respect of a benefit consisting of any. enjoyment in specie of land or buildings or land and buildings or other property of the company or of a right thereover shall be the value of the enjoyment thereof for the period during which the benefit subsisted, and that value shall be calculated in the case of leasehold property situate in the Breference to the annual assessment as ascertained for the purposes of section 5 of the Inland Revenue Ordinance, and in the case of other land or buildings or land and buildings by such method as the Commissioner may consider just and reasonable. (1) The provisions of this paragraph shall have effect for the purpose of determining- (a) whether a benefit accruing to the deceased from the company is to be treated as having accrued to him during the 3 years ending with his death, or during a particular accounting year, or at any other relevant time: and (6) the period during which a benefit consisting of any enjoyment in specie of land or buildings or land and buildings or other property of the company or of a right thereover is to be treated as having subsisted. (2) A benefit consisting of profits of the company or a periodical payment which the deceased received, or became entitled to. but did not in fact, receive, shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof. (3) A benefit consisting of profits of the company or a periodical payment which the deceased could have become entitled to receive by an exercise in the 3 years ending with his death of a power which was not in fact exercised or was surrendered shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof if he had acted as mentioned in paragraph [(4), (4) A benefit consisting of interest on such a payment other than a periodical payment as is mentioned in section 36 which the deceased could have become entitled to receive shall be treated as having accrued to him in any accounting year to the extent to which the period during which the interest is to be treated as accruing fell within that year. 1940 c. 39, 7th Schedule. (Cap. 112. 31/905 (Cap 112) L €
2026-05-04 16:46:45 · Baseline
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1983 Ed.]

Estate Duty

[CAP. 111

67

SEVENTEENTH SCHEDULE

NINEIBENTLEighteenth Schedul

PROVISIONS SUPPLEMENTARY TO SECTIONS 34 TO 45 INCLUSIVE

Amounts to be taken into account in respect of benefits, and time when benefits are to be treated as accruing

[s. 35.]

1. (1) The provisions of this paragraph shall have effect for the purpose of determining the amounts to be taken into account, for the purposes of section 35(2). as the amounts of benefits accruing to the deceased from the company.

(2) No amount shall be taken into account more than once.

(3) Where an amount is taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered, due regard shall be had to the effect that his receiving the benefit, or the power's being exercised, would have had in relation to other benefits.

(4) The amounts that are to be taken into account by reference to the deceased's having been entitled to a benefit which he did not in fact receive, or by reference to a power which was not in fact exercised or was surrendered. shall be such as would have falien to be taken into account as benefits received by the deceased if he had acted in relation to the claiming to benefits and the exercising of powers during the 3 years ending with his death to his greatest financial advantage, due regard being had to any consideration which he would have had to give in respect of a claim to any benefit or the exercise of any power.

(5) In making for the purposes of sub-paragraph (4) a computation of any diminution of income which the deceased would have sustained by giving any such consideration as it therein mentioned, or of any increase of income which the company would have obtained from any such consideration to be given to the company, it shall be assumed that the consideration would have yielded income equal to interest at the average rate on the amount or value thereof.

(6) The amounts to be taken into account shall include any tax charged under the Inland Revenue Ordinance. in respect of the benefits in question.

(7) The amount to be taken into account in respect of a benefit consisting of any. enjoyment in specie of land or buildings or land and buildings or other property of the company or of a right thereover shall be the value of the enjoyment thereof for the period during which the benefit subsisted, and that value shall be calculated in the case of leasehold property situate in the Breference to the annual assessment as ascertained for the purposes of section 5 of the Inland Revenue Ordinance, and in the case of other land or buildings or land and buildings by such method as the Commissioner may consider just and reasonable.

(1) The provisions of this paragraph shall have effect for the purpose of determining-

(a) whether a benefit accruing to the deceased from the company is to be treated as having accrued to him during the 3 years ending with his death, or during a particular accounting year, or at any other relevant time: and

(6) the period during which a benefit consisting of any enjoyment in specie of land or buildings or land and buildings or other property of the company or of a right thereover is to be treated as having subsisted.

(2) A benefit consisting of profits of the company or a periodical payment which the deceased received, or became entitled to. but did not in fact, receive, shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof.

(3) A benefit consisting of profits of the company or a periodical payment which the deceased could have become entitled to receive by an exercise in the 3 years ending with his death of a power which was not in fact exercised or was surrendered shall be treated as having accrued to him at the earliest time at which he could have obtained receipt thereof if he had acted as mentioned in paragraph [(4),

(4) A benefit consisting of interest on such a payment other than a periodical payment as is mentioned in section 36 which the deceased could have become entitled to receive shall be treated as having accrued to him in any accounting year to the extent to which the period during which the interest is to be treated as accruing fell within that year.

1940 c. 39, 7th Schedule.

(Cap. 112.

31/905

(Cap 112)

L

€

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