Clause 1
Short title and commencement
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.
/akn/sg/act/bill/1978/14
Estate Duty (Amendment) Bill
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- Type
- Bill
- Status
- In force
- Enacted
- 1978
- Sections
- 10
Quick answer
About this bill
Estate Duty (Amendment) Bill is Singapore Bill, cited as Bill 14 1978, currently marked in force and first recorded in 1978.
Clause 2
Amendment of section 6
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.”.
Clause 3
New section 6A
The principal Act is hereby amended by inserting immediately after section 6 thereof the following section: —“Remission of estate duty6A.—
(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 Arepresents the amount of the estate duty payable on the principal value of the property; Brepresents the amount by which the value of the estate exceeds twenty-five thousand dollars; and Crepresents 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.”.
Clause 4
New section 10B
The principal Act is hereby amended by inserting immediately after section 10A thereof the following section: —“Bequests to institutions10B.—
(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.”.
Clause 5
Amendment of Eighth Schedule
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”.
Clause 6
New Ninth, Tenth, Eleventh and Twelfth Schedules
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 1977Principal value of the estate Rate of duty $ For every dollar of the first 100,000 NilFor every dollar of the next 15,000 5 per centFor every dollar of the next 25,000 71/2 per centFor every dollar of the next 25,000 10 per centFor every dollar of the next 25,000 121/2 per centFor every dollar of the next 50,000 15 per centFor every dollar of the next 50,000 20 per centFor every dollar of the next 100,000 25 per centFor every dollar of the next 100,000 30 per centFor every dollar of the next 100,000 35 per centFor every dollar of the next 250,000 40 per centFor every dollar of the next 250,000 45 per centFor every dollar of the next 1,000,000 50 per centFor every dollar of the next 2,000,000 55 per centFor every dollar exceeding 4,090,000 60 per centTENTH 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 centFor every dollar of the next 20,000 80 per centFor every dollar of the next 20,000 70 per centFor every dollar of the next 20,000 60 per centFor every dollar of the next 20,000 50 per centFor every dollar of the next 20,000 40 per centFor every dollar of the next 20,000 30 per centFor every dollar of the next 20,000 20 per centFor every dollar of the next 20,000 10 per centELEVENTH 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 centFor every dollar of the next 20,000 80 per centFor every dollar of the next 20,000 70 per centFor every dollar of the next 20,000 60 per centFor every dollar of the next 20,000 50 per centFor every dollar of the next 20,000 40 per centFor every dollar of the next 20,000 30 per centFor every dollar of the next 20,000 20 per centFor every dollar of the next 20,000 10 per centTWELFTH SCHEDULE(Section 10B(1)).ExemptionsInstitutions.(1) University of Singapore.(2) Singapore Society of Accountants.(3) Board of Legal Education.(4) The Law Society of Singapore.”.
Schedule “NINTH SCHEDULE
Rates of Estate Duty in the Case of Persons Dying on or After 1ST April 1977
(Section 6(1)(i)).Rates of Estate Duty in the Case of Persons Dying on or After 1ST April 1977Principal value of the estate Rate of duty $ For every dollar of the first 100,000 NilFor every dollar of the next 15,000 5 per centFor every dollar of the next 25,000 71/2 per centFor every dollar of the next 25,000 10 per centFor every dollar of the next 25,000 121/2 per centFor every dollar of the next 50,000 15 per centFor every dollar of the next 50,000 20 per centFor every dollar of the next 100,000 25 per centFor every dollar of the next 100,000 30 per centFor every dollar of the next 100,000 35 per centFor every dollar of the next 250,000 40 per centFor every dollar of the next 250,000 45 per centFor every dollar of the next 1,000,000 50 per centFor every dollar of the next 2,000,000 55 per centFor every dollar exceeding 4,090,000 60 per cent
Schedule 10
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 centFor every dollar of the next 20,000 80 per centFor every dollar of the next 20,000 70 per centFor every dollar of the next 20,000 60 per centFor every dollar of the next 20,000 50 per centFor every dollar of the next 20,000 40 per centFor every dollar of the next 20,000 30 per centFor every dollar of the next 20,000 20 per centFor every dollar of the next 20,000 10 per cent
Schedule 11
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 centFor every dollar of the next 20,000 80 per centFor every dollar of the next 20,000 70 per centFor every dollar of the next 20,000 60 per centFor every dollar of the next 20,000 50 per centFor every dollar of the next 20,000 40 per centFor every dollar of the next 20,000 30 per centFor every dollar of the next 20,000 20 per centFor every dollar of the next 20,000 10 per cent
Schedule 12
Exemptions
TWELFTH SCHEDULE(Section 10B(1)).ExemptionsInstitutions.(1) University of Singapore.(2) Singapore Society of Accountants.(3) Board of Legal Education.(4) The Law Society of Singapore.”.
Common questions
- What is Estate Duty (Amendment) Bill?
- Estate Duty (Amendment) Bill is Singapore Bill, cited as Bill 14 1978, currently marked in force and first recorded in 1978.
- Is Estate Duty (Amendment) Bill still in force?
- Yes — Estate Duty (Amendment) Bill is currently in force.
- When did Estate Duty (Amendment) Bill take effect?
- Estate Duty (Amendment) Bill was first recorded in 1978.
- How many clauses does Estate Duty (Amendment) Bill have?
- Estate Duty (Amendment) Bill contains 6 clauses.
- Where can I read the official version of Estate Duty (Amendment) Bill?
- The official text of Estate Duty (Amendment) Bill is published at sso.agc.gov.sg.