Estate Duty (Amendment) Bill

Bill No. 24/1982

Read the first time on 3rd December 1982.

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

1. This Act may be cited as the Estate Duty (Amendment) Act, 1982.

Amendment of section 10A

2. Section 10A of the Estate Duty Act (referred to in this Act as the principal Act) is amended by deleting subsection (1) and substituting the following subsection:

“(1) Estate duty shall not be payable in respect of the following property in Singapore passing on the death of any person dying on or after 1st April, 1982, who at the time of his death was neither domiciled nor resident in Singapore:

(a)	deposits and balances with Asian Currency Units of approved banks;
(b)	negotiable certificates of deposits issued by Asian Currency Units of approved banks;
(c)	Asian Dollar Bonds which have been approved by the Minister for exemption from estate duty;
(d)	bonds, stocks and securities issued by the Government which have been approved by the Minister for exemption from estate duty;
(e)	gold in whatever state or form deposited with approved banks;
(f)	deposits and balances in gold savings account with approved banks;
(g)	gold certificates issued by approved banks; and
(h)	deposits and balances with members of a gold exchange in Singapore who have been approved for the purposes of section 43D of the Income Tax Act (Cap. 141) where such deposits and balances are in respect of transactions in gold.”.

Amendment of section 10C

3. Section 10C of the principal act is amended —

(a)

by deleting subsection (1) and substituting the following subsection:

“(1) Subject to this section estate duty shall, in the case of a person dying on or after 1st April, 1982, not be payable to the extent of —

(a)	the amount prescribed of the aggregate value of the deceased’s interest in a dwelling-house or dwelling-houses or, where the deceased has an interest in any dwelling-house which exceeds the amount prescribed, the value of that interest, whether the dwelling-house was occupied by the deceased or not;
(b)	one hundred thousand dollars of the aggregate value of all other property, including any interest in any dwelling-house which does not qualify for relief under paragraph (a); and
(c)	the excess over one hundred thousand dollars (if any) of the aggregate amount standing to the credit of the deceased at the time of his death in the Central Provident Fund and in any designated pension or provident fund, except that no contributions (and the interest thereon) made by the deceased on or after 1st April, 1982, to the Central Provident Fund or to any designated pension or provident fund shall qualify for relief under this paragraph unless the contributions were deductible by the deceased under section 39(2)(e) of the Income Tax Act (Cap. 141),

and the amount thereof shall not form part of the principal value of the estate chargeable with estate duty of any deceased person.”; and

(b)

by deleting the full-stop at the end of paragraph (b) in subsection (4) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:

“(c)	“Central Provident Fund” means the Central Provident Fund established under the Central Provident Fund Act (Cap. 121);
(d)	“designated pension or provident fund” means designated pension or provident fund within the meaning of section 39(2)(e) of the Income Tax Act;
(e)	where the deceased has two or more dwelling-houses the value of each of which exceeds the amount prescribed, the greater value shall qualify for the relief under paragraph (a) of subsection (1).”.

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