Page 676 - SAIT Compendium 2016 Volume1

s 29 ESTATE DUTY ACT 45 OF 1955 Government notice
[S. 29 substituted by s. 4 of Act 89 of 1972 and by s. 3 of Act 92 of 1983 and amended by s. 46 of Act 97 of 1986.]
30 . . .
[S. 30 repealed by s. 271 of Act 28 of 2011.]
31 Repeal of laws
(1) The laws set out in the Second Schedule are hereby repealed to the extent set out in the third column of the said Schedule: Provided that the said laws shall continue to apply in relation to the estate of any person who died before the rst day of April, 1955.
(2) Any agreement entered into and any proclamation issued under section thirty six bis of the Death Duties Act, 1922 (Act 29 of 1922), and in force at the date of commencement of this Act shall be deemed to have been entered into or issued also under section twenty six of this Act.
32 Short title and date of commencement
This Act shall be called the Estate Duty Act, 1955, and shall be deemed to have come into operation on the rst day of April, 1955.
NOTE: Government Notice 125 of 27 January 1956 reads as follows: ‘It is hereby noti ed for general information that the Commissioner for Inland Revenue has, under and by virtue of the powers vested in him by subsection (2) of section six of the Estate Duty Act, 1955 (Act 45 of 1955), delegated to the several Masters and Assistant Masters of the Supreme Court and to all of cers in the of ces of the several Masters and Assistant Masters of the Supreme Court holding administrative rank, the powers, duties and functions set out in the Schedule hereto:
Powers, Duties and Functions Delegated
Section of Estate Duty Act, 1955 under which Powers, Delegated Duties and Functions are Exercised
To admit claims as to the amount of any premiums or consideration paid by persons entitled to the amounts due under any policies of insurance
Paragraph (a) of subsection (3) of section three
To decide whether the consideration paid for any property is a full consideration for that property
Paragraph (a) of subsection (4) of section three
To determine whether the amount claimed in respect of funeral and deathbed expenses is fair and reasonable
Paragraph (a) of section four
To admit claims in respect of any debts which have been discharged from property included in the estate
Paragraph (b) of section four
To admit as claims so much of any debts due by the deceased to persons ordinarily resident outside the Union as exceed the value of any assets of the deceased outside the Union
Paragraph (f) of section four
To decide whether a purchase and sale is a bona de purchase and sale in the course of the liquidation of the estate
Paragraph (a) of subsection (1) of section ve
To admit any claim that consideration was paid for the right of ownership in property
Paragraph (b) of subsection (1) of section ve
To appoint an impartial person to determine the fair market value of property
Paragraphs (f) and (g) of subsection (1) and subsection (2) of section ve
To determine the annual yield of an interest in property
Subparagraph (iii) of paragraph (f) of subsection (1) of section ve and subsection (2) of section ve
To decide whether any conditions affecting the value of any property were imposed by or at the instance of the deceased.
Paragraph (g) of subsection (1) of section ve
To appoint any person to submit a return in prescribed form
Subsection (1) of section seven
To receive the returns submitted by executors or other persons
Subsection (1) of section seven
To call upon any person to submit a return within a prescribed period, to prescribe such period, and to estimate the dutiable value of an estate in the absence of a return
Subsection (2) of section seven
To adjust the value of any property shown in a return, and to determine the dutiable amount of an estate
Subsection (1) of section eight
To call upon any person to furnish information
Subsection (2) of section eight
668 SAIT CompendIum oF TAx LegISLATIon VoLume 1