Estate Duty Act(CHAPTER 96)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
3 Presumptions
4 Appointment of Commissioner, etc.
5 Taking of oath
Part II ESTATE DUTY
6 Estate duty imposed
7 Remission of estate duty
8 Property deemed to pass
9 Property not deemed to pass
10 Transactions for money consideration
11 Duty not payable in respect of small annuities and widows’ and orphans’ pensions
12 Duty not payable for person not domiciled or resident in respect of certain property
13 Bequests to institutions
13A Gifts to National Museum
14 Dwelling-houses and all other property
15 Property of national or scientific interest given for public purposes
16 Property on enlargement of settlor’s interests
17 Relief in respect of certain life interests
Part III COMPANIES
18 Interpretation of this Part
19 Transfer of assets to certain companies
20 Transfer of settled property to certain companies
21 Liability of companies to account for duty
22 Valuation by reference to assets
Part IV AGGREGATION AND VALUE OF PROPERTY
23 Aggregation of property to form one estate for purpose of estate duty
24 Principal value
25 Interests in expectancy
26 Value of interests ceasing on death
27 Allowance for debts and funeral expenses
28 Deduction of duty paid in other countries
Part V LIABILITY FOR ESTATE DUTY
29 Duty to be first charge
30 Liability of executor, etc.
31 Raising estate duty by sale, mortgage or terminable charge
32 Payment of duty with Government stock or debentures
33 Apportionment of estate duty
34 Limitation of liability
Part VI COLLECTION OF ESTATE DUTY
35 Filing of accounts of property
36 Interest payable on estate duty
37 Commissioner may make assessment
38 Recovery of estate duty
39 Powers of Commissioner
40 Commissioner’s certificates
41 Release of estate on which duty is paid
42 Probate not to issue until estate duty paid or postponement granted
43 Postponement of payment of estate duty in certain cases
44 Duties of company and life assurance company
45 Penalties for delay and intermeddling
46 Return of duty overpaid
47 Payment of additional duty
48 Application to court
Part VII MISCELLANEOUS PROVISIONS
49 Inspection of records, etc.
50 Remission of estate duty
51 Waiver of small duty and interest
52 Reduction of penalties
53 Persons exempt from liability
54 Composition of duties
55 Penalty for false statement or false representation
56 Interest of deceased person in business to be notified
57 Intervention by Commissioner in pending suits
58 Facts stated in Commissioner’s certificate need not be proved
59 Signature and service of notices
60 Rules
Legislative History