Estate Duty
Legal definition for Indian law research
Definition
Estate duty. A duty first levied by the (English) Finance Act, 1894 (57 & 58 Vict. c. 30), upon the principal value of all property, real or personal, settled or not settled, which passes or is deemed to pass on the death of a person after 1st August, 1894. Property 'passing' on death includes gifts or dispositions by the deceased to another person within three years of death, the estate duty taking the place of the 'account duty,' leviable on such gifts within twelve months of death, by virtue of s. 38 of the (English) Customs and Inland Revenue Act, 1881, as amended by s. 11 of the (English) Customs and Inland Revenue Act, 1889. Property 'passing' on death includes also settled property, in which the life interest is surrendered to the remainderman by the tenant for life within the three years before the death of the tenant for life, by virtue of s. 11 of the Finance Act, 1900 (62 & 63 Vict. c. 7), passed to alter the law as laid down by the Court of Appeal in Attorney-General v. de Preville, (1900) 1 QB 223, but does not include property in which the life interest is so surrendered more than that time before the death of the tenant for life, Attorney-General v. Beech, 1899 AC 53.
Securities physically situate in the United Kingdom and marketable there at the death of a person are liable for estate duty even though the deceased is not a domiciled Englishman, Winans v. R., 1910 AC 27.
The duty was originally levied on a graduated scale from 1 per cent on property not exceeding 500l. in value (but over 100l.) up to 8 per cent on property exceeding 1,000,000l. Since the Finance Act, 1894, no less than six scales have been introduced in Finance Acts from 1907 to 1930, each increasing the rates of Estate Duty; 8 per cent. is now the rate on property between 18,000l. and 21,000l., whilst between 100,000l. and 120,000l. the rate is 20 per cent., between 1,000,000l. and 1,250,000l. 40 per cent., and over 2,000,000,50 per cent. See Chitty's Statutes, tit. 'Revenue,' or amendments, and consult Hanson or Dymond's Death Duties.
As to SETTLEMENT ESTATE DUTY, now abolished, see that title.
Estate duty means a duty to be assessed on or by reference to the principal value, ascertained in accordance with such rules as may be prescribed by or under laws made by Parliament or the Legislature of a State relating to the duty, of all property passing, upon death or deemed, under the provisions of the said laws, so to pass. [Constitution of India, Art. 366(9)]
A duty imposed on the principle value of all pro-perty that passed on death, Black's Law Dictionary, 7th Edn., p. 569.
Estate duty, in India a duty which was levied on principal value of all property passing upon death in accordance with rules and laws passed by Parliament or State Legislature, Constitutional of India, Art. 366(9).
Securities physically situate in the United Kingdom and marketable there at the death of a person are liable for estate duty even though the deceased is not a domiciled Englishman, Winans v. R., 1910 AC 27.
The duty was originally levied on a graduated scale from 1 per cent on property not exceeding 500l. in value (but over 100l.) up to 8 per cent on property exceeding 1,000,000l. Since the Finance Act, 1894, no less than six scales have been introduced in Finance Acts from 1907 to 1930, each increasing the rates of Estate Duty; 8 per cent. is now the rate on property between 18,000l. and 21,000l., whilst between 100,000l. and 120,000l. the rate is 20 per cent., between 1,000,000l. and 1,250,000l. 40 per cent., and over 2,000,000,50 per cent. See Chitty's Statutes, tit. 'Revenue,' or amendments, and consult Hanson or Dymond's Death Duties.
As to SETTLEMENT ESTATE DUTY, now abolished, see that title.
Estate duty means a duty to be assessed on or by reference to the principal value, ascertained in accordance with such rules as may be prescribed by or under laws made by Parliament or the Legislature of a State relating to the duty, of all property passing, upon death or deemed, under the provisions of the said laws, so to pass. [Constitution of India, Art. 366(9)]
A duty imposed on the principle value of all pro-perty that passed on death, Black's Law Dictionary, 7th Edn., p. 569.
Estate duty, in India a duty which was levied on principal value of all property passing upon death in accordance with rules and laws passed by Parliament or State Legislature, Constitutional of India, Art. 366(9).
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.