A Digest of Decisions Relating to Estate Duty and Settlement Estate Duty (Paperback)

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: that, on the donor's death, the Crown became entitled to Succession duty, and to Estate duty under Section 2 (1) (b) and (2). Sec. 19. Section 2 (3) provides that "Property passing on the death of the deceased shall not be deemed to include property held by the deceased as trustee for another person, under a disposition not made by the deceased, or under a disposition made by the deceased more than twelve months before his death where possession and enjoyment of the property was bond fide assumed by the beneficiary immediately upon the creation of the trust and thenceforward retained to the entire exclusion of the deceased or of any benefit to him by contract or otherwise." In regard to this Section reference may be made to Lord-Advocate v. Gunning's Trustees II. Full And Partial Consideration In Money Or Money's Worth. Sec. 20. Section 3 provides that " (1) Estate duty shall not be payable in respect of property passing on the death of the deceased by reason only of a bond fide purchase from the person under whose disposition the property passes, nor in respect of the falling into possession of the reversion on any lease for lives, nor in respect of the determination of any annuity for lives, where such purchase was made, or such lease or annuity granted, for full consideration in money or money's worth paid to the vendor or grantor for his own use or benefit, or in the case of a lease for the use or benefit of any person for whom the grantor was a trustee. (2) Where any such purchase was made, or lease or annuity granted, for partial consideration in money or money's worth paid to the vendor or grantor for his own use or benefit, or in the case of a lease for the use or benefit of any person for whom the grantor was a trustee, the value of the consideration shall be ...