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Estate Duty (Amendment) Bill

Bill No. 14/1978

Read the first time on 13th March 1978.

An Act to amend the Estate Duty Act (Chapter 137 of the Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —

Short title and commencement

1. This Act may be cited as the Estate Duty (Amendment) Act, 1978, and shall be deemed to have come into operation on the 1st day of April 1977.

Amendment of section 6

2. Subsection (1) of section 6 of the Estate Duty Act (hereinafter in this Act referred to as “the principal Act”) is hereby amended —

(a)

by inserting immediately after the figures “1974” appearing in paragraph (h) thereof the expression “, and before the 1st day of April 1977”;

(b)

by deleting the full-stop appearing at the end of paragraph (h) thereof and substituting therefor a semi-colon; and

(c)

by inserting immediately after paragraph (h) thereof the following new paragraph: —

“(i)	in the case of any person dying on or after the 1st day of April 1977 — at the graduated rates set forth in the Ninth Schedule to this Act.”.

New section 6A

3. The principal Act is hereby amended by inserting immediately after section 6 thereof the following section: —

“Remission of estate duty

6A.—(1) Where the principal value, as ascertained in accordance with the provisions of this Act, of all property which passes on the death of a person on or after the 8th day of March, 1972, and before the 1st day of April 1974, is —

(a)

twenty-five thousand dollars or less, the estate duty payable in respect of such property shall be remitted in full; and

(b)

more than twenty-five thousand dollars, that part of the estate duty payable in respect of such property which is in excess of the amount equivalent to the difference between the principal value of such property and the amount of twenty-five thousand dollars shall be remitted as in the following formula: —

A − B = C,

where A

represents the amount of the estate duty payable on the principal value of the property;

represents the amount by which the value of the estate exceeds twenty-five thousand dollars; and

represents the amount of the estate duty to be remitted.

(2) Where the principal value, as ascertained in accordance with the provisions of this Act, of all property which passes on the death of a person on or after the 1st day of April 1974, and before the 1st day of April 1977, exceeds fifty thousand dollars, there shall be allowed in respect of that excess a remission of estate duty at the rates set out in the Tenth Schedule to this Act.

(3) Where the principal value, as ascertained in accordance with the provisions of this Act, of all property which passes on the death of a person on or after the 1st day of April 1977, exceeds one hundred thousand dollars, there shall be allowed in respect of that excess a remission of estate duty at the rates set out in the Eleventh Schedule to this Act.”.

New section 10B

4. The principal Act is hereby amended by inserting immediately after section 10A thereof the following section: —

“Bequests to institutions

10B.—(1) No estate duty shall be payable in respect of the amount of a bequest to any institution specified in the Twelfth Schedule to this Act and the value of the property passing on the death of the donor of such bequest shall be deemed not to include the amount thereof for the purpose of assessing the rate of estate duty.

(2) No estate duty shall be payable in respect of any monument that is the subject of a preservation order made under section 8 of the Preservation of Monuments Act (Cap. 315).

(3) The Minister may, by order published in the Gazette, amend, add to or revoke the whole or part of the Twelfth Schedule to this Act.”.

Amendment of Eighth Schedule

5. The Eighth Schedule to the principal Act is hereby amended by deleting the full-stop appearing after the figures “1974” and substituting therefor the expression “AND BEFORE 1ST APRIL, 1977”.

New Ninth, Tenth, Eleventh and Twelfth Schedules

6. The principal Act is hereby amended by inserting immediately after the Eighth Schedule thereto the following new Schedules: —

“NINTH SCHEDULE

(Section 6(1)(i)).

Rates of Estate Duty in the Case of Persons Dying on or After 1ST April 1977

Principal value of the estate

Rate of duty

For every dollar of the first

100,000

Nil

For every dollar of the next

15,000

5 per cent

For every dollar of the next

25,000

7¹/₂ per cent

For every dollar of the next

25,000

10 per cent

For every dollar of the next

25,000

12¹/₂ per cent

For every dollar of the next

50,000

15 per cent

For every dollar of the next

50,000

20 per cent

For every dollar of the next

100,000

25 per cent

For every dollar of the next

100,000

30 per cent

For every dollar of the next

100,000

35 per cent

For every dollar of the next

250,000

40 per cent

For every dollar of the next

250,000

45 per cent

For every dollar of the next

1,000,000

50 per cent

For every dollar of the next

2,000,000

55 per cent

For every dollar exceeding

4,090,000

60 per cent

TENTH SCHEDULE

(Section 6A(3)).

Principal value of the estate in excess of $50,000.

Rates of remission of the estate duties payable.

For every dollar of the first

20,000

90 per cent

For every dollar of the next

20,000

80 per cent

For every dollar of the next

20,000

70 per cent

For every dollar of the next

20,000

60 per cent

For every dollar of the next

20,000

50 per cent

For every dollar of the next

20,000

40 per cent

For every dollar of the next

20,000

30 per cent

For every dollar of the next

20,000

20 per cent

For every dollar of the next

20,000

10 per cent

ELEVENTH SCHEDULE

(Section 6A(4)).

Principal value of the estate in excess of $100,000.

Rates of remission of the estate duties payable.

For every dollar of the first

20,000

90 per cent

For every dollar of the next

20,000

80 per cent

For every dollar of the next

20,000

70 per cent

For every dollar of the next

20,000

60 per cent

For every dollar of the next

20,000

50 per cent

For every dollar of the next

20,000

40 per cent

For every dollar of the next

20,000

30 per cent

For every dollar of the next

20,000

20 per cent

For every dollar of the next

20,000

10 per cent

TWELFTH SCHEDULE

(Section 10B(1)).

Exemptions

Institutions.

(1) University of Singapore.

(2) Singapore Society of Accountants.

(3) Board of Legal Education.

(4) The Law Society of Singapore.”.