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Estate Duty Act

(Chapter 96, Section 50)

Estate Duty (Remission) Order

O 2

G.N. No. S 316/1974

REVISED EDITION 1997

(25th March 1992)

[1st April 1974]

Citation

1. This Order may be cited as the Estate Duty (Remission) Order.

Death occurring between 8th March 1972 and 1st April 1974

2.—(1) In the case of any person dying on or after 8th March 1972 and before 1st April 1974, where the principal value, ascertained in accordance with the provisions of the Act, of all property which passes on the death of that person is —

(a)

$25,000 or less, the estate duty payable in respect of that property shall be remitted in full; and

(b)

more than $25,000 that part of the estate duty payable in respect of that property which is in excess of the amount equivalent to the difference between the principal value of that property and the amount of $25,000 shall be remitted as in the following formula:

A - B = C.

(2) In the formula referred to in sub-paragraph (1)(b) —

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 $25,000; and

represents the amount of the estate duty to be remitted.

Death occurring after 1st April 1974

3. In the case of any person dying on or after 1st April 1974, where the principal value, ascertained in accordance with the provisions of the Act, of all property which passes on the death of that person exceeds $50,000, there shall be allowed in respect of that excess a remission of estate duty at the rate set out in the Schedule.