AGGREGATION AND VALUE OF PROPERTY
—(1) For determining the rate of duty to be paid on any property passing on the death of the deceased, all property so passing in respect of which duty is leviable shall be aggregated so as to form one estate, and the duty shall be levied at the proper graduated rate on the principal value thereof.
(2) Any property so passing, in which the deceased never had an interest, shall not be aggregated with any other property, but shall be an estate by itself, and the estate duty shall be levied at the proper graduated rate on the principal value thereof.
(3) Property passing on any death shall not be aggregated more than once, nor shall estate duty in respect thereof be more than once levied in respect of the same death.
[UK Finance 1894, s. 4]
—(1) The principal value of any property shall be estimated to be the price which, in the opinion of the Commissioner, that property would fetch if sold in the open market at the time of the death of the deceased.
(2) In estimating such principal value, the Commissioner shall not make any deduction in the estimate on account of the estimate being made on the assumption that the whole property is to be placed on the market at one and the same time.
(3) Where it is proved to the Commissioner that the value of the property has been depreciated by reason of the death of the deceased, the Commissioner in fixing the price shall take such depreciation into account.
[UK Finance 1894, s. 7 (5); UK Finance 1910, s. 60]
—(1) When an estate includes an interest in expectancy, estate duty in respect of that interest shall be paid, at the option of the person accountable for the duty, either with the duty in respect of the rest of the estate or when the interest falls into possession.
(2) If the duty is not paid with the estate duty in respect of the rest of the estate, then —
for the purpose of determining the rate of estate duty in respect of the rest of the estate, the value of the interest shall be its value at the date of the death of the deceased; and
the rate of estate duty in respect of the interest when it falls into possession shall be calculated according to its value when it falls into possession, together with the value of the rest of the estate as previously ascertained.
[UK Finance 1894, s. 7 (6)]
26. The value of the benefit accruing or arising from the cesser of an interest ceasing on the death of the deceased shall —
if the interest extended to the whole income of the property, be the principal value of that property; and
if the interest extended to less than the whole income of the property, be the principal value of an addition to the property equal to the income to which the interest extended.
—(1) In determining the value of an estate for the purpose of estate duty, allowance shall be made for reasonable funeral expenses not exceeding the amount specified in subsection (5), and for debts and encumbrances, but an allowance shall not be made —
for debts incurred by the deceased or encumbrances created by a disposition made by the deceased, unless those debts or encumbrances were incurred or created bona fide for full consideration in money or money’s worth wholly for the deceased’s own use and benefit and take effect out of his interest;
for any debt in respect whereof there is a right to reimbursement from any other estate or person, unless the reimbursement cannot be obtained; or
more than once for the same debt or encumbrance charged upon different portions of the estate.
(2) Any debt or encumbrance for which an allowance is made shall be deducted from the value of the property liable thereto.
(3) An allowance shall not be made in the first instance for debts or funeral expenses due to persons resident out of Singapore (unless contracted to be paid in Singapore or charged on property situate within Singapore) except out of the value of any property of the deceased situate out of Singapore in respect of which estate duty is paid.
(4) There shall be no repayment of estate duty in respect of any debts or funeral expenses mentioned in subsection (3) except to the extent to which it is shown to the satisfaction of the Commissioner that the property of the deceased situate in the country in which the person to whom the debts or funeral expenses are due resides is insufficient for their payment.
(5) For the purpose of subsection (1), the amount specified —
in the case of a person dying before 1st January 2005, is $1,000 or 5% of the ascertained value of the estate, whichever is the smaller;
in the case of a person dying on or after 1st January 2005, is $6,000.
[UK Finance 1894, s. 7]
—(1) Where the Commissioner is satisfied that in any part of the Commonwealth duty is payable by reason of a death in respect of any property situate in such part of the Commonwealth and passing on such death, he shall allow a sum equal to the amount of that duty to be deducted from the estate duty payable in respect of that property on the same death.
(2) Such deduction shall not exceed the estate duty payable in Singapore on the same property.
(3) No such deduction shall be made until the duty so payable in such part of the Commonwealth has been actually paid, and in the meantime the full amount of the estate duty shall be assessed and payable.
(4) On payment of the duty in such part of the Commonwealth, a refund of the amount thereof shall be made in the same manner as in the case of duty paid in excess.
(5) Where any property passing on the death of the deceased is situate in a country to which subsection (1) does not apply and the Commissioner is satisfied that by reason of such death any duty is payable in that country in respect of that property, he shall make an allowance of the amount of that duty from the value of the property.
(6) This section shall have effect as if “Commonwealth” included the Republic of Ireland.
[UK Finance 1894, s. 7 (4)]