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Amendment of 44 & 45 Vict. c. 12, s. 38.
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11.[1]
—(1) Sub-section two of section thirty-eight of the Customs and Inland Revenue Act, 1888, is hereby amended, as follows:—
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The description of property marked (a) shall be read as if the word “twelve” were substituted for the word “three” therein, and the said description of property shall include property taken under any gift, whenever made, of which property bonâ fide possession and enjoyment shall not have been assumed by the donee immediately upon the gift and thenceforward retained, to the entire exclusion of the donor, or of any benefit to him by contract or otherwise:
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The description of property marked (b) shall be construed as if the expression “to be transferred to or vested in himself and any other person” included also any purchase or investment effected by the person who was absolutely entitled to the property either by himself alone, or in concert, or by arrangement, with any other person:
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The description of property marked (c) shall be construed as if the expression “voluntary settlement” included any trust whether expressed in writing or otherwise, in favour of a volunteer, and, if contained in a deed or other instrument effecting the settlement, whether such deed or other instrument was made for valuable consideration or not as between the settlor and any other person, and as if the expression “such property,” wherever the same occurs, included the proceeds of sale thereof:
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The charge under the said section shall extend to money received under a policy of assurance effected by any person dying on or after the first day of June one thousand eight hundred and eighty-nine, on his life, where the policy is wholly kept up by him for the benefit of a donee, whether nominee or assignee, or a part of such money in proportion to the premiums paid by him, where the policy is partially kept up by him for such benefit.
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(2) A return of stamp duty shall not be made under subsection three of the said section thirty-eight by reason of, or in relation to, any account delivered on or after the first day of June one thousand eight hundred and eighty-nine.
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Limitation of Claims to Succession Duty or Legacy Duty in certain Cases.
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[1 The duties imposed by 44 & 45 Vict. c. 12, s. 38, are not payable in respect of property chargeable with estate duty, see 57 & 58 Vict. c. 30, s. 1, sched. 1.] |
