Page 677 - SAIT Compendium 2016 Volume1

Government notice ESTATE DUTY ACT 45 OF 1955 First Schedule
Powers, Duties and Functions Delegated
Section of Estate Duty Act, 1955 under which Powers, Delegated Duties and Functions are Exercised
To assess the duty payable under the Act and to issue notices of assessment
Subsection (1) of section nine
To allow an extension of time within which duty may be paid without interest in cases where an assessment has not yet been issued
Subsection (2) of section ten
To decide whether a deposit on account of duty is reasonable
Paragraph (a) of subsection (2) of section ten
To admit claims as to the amounts of transfer duty and donation tax which may be allowed as deductions from the duty payable
Section sixteen
To ensure that due provision has been made for the payment of duty
Section eighteen
To ascertain the amount of duty payable in respect of any property which an executor has paid over or with which he has parted without rst paying duty thereon
Section nineteen
To consent to the transfer of stocks or shares
Subsection (1) of section twenty-one
To consent to the transfer of immovable property
Subsection (1) of section twenty-two
To determine what reduction shall be made, in terms of the second proviso to the First Schedule, in the amount of duty payable
Second proviso to First Schedule
To consent to the transfer of immovable property
Subsection (1) of section twenty-two’
First Schedule RATE OF ESTATE DUTY
[First Schedule amended by s. 6 of Act 59 of 1957, by s. 12 of Act 71 of 1961 and by s. 14 (1) of Act 77 of 1964, substituted by s. 8 of Act 81 of 1965, amended by s. 1 (1) of Act 75 of 1968, substituted by s. 9 (1) of Act 92 of 1971 and amended by s. 13 (1) of Act 106 of 1980, by s. 3 (1) of Act 71 of 1986, by s. 16 (1) of Act 87 of 1988, by s. 11 (1) of Act 37 of 1996 and by s. 4 (1) of Act 5 of 2001.]
The rate of estate duty shall be 20 per cent of the dutiable amount of the estate: Provided that where duty becomes payable upon the value of any movable or immovable property or on a value determined by reference to the value of any movable or immovable property, and duty has, upon the death of any person (hereinafter referred to as the rst-dying person), who died within ten years prior to the death of the deceased, become payable upon the value of that movable or immovable property or upon a value determined by reference to the value of that movable or immovable property (or any movable or immovable property for which the Commissioner is satis ed that that movable or immovable property has been substituted), the duty attributable to the value of that movable or immovable property or, as the case may be, the value determined by reference to the value of that movable or immovable property, but not exceeding (in either case) an amount equal to the value on which duty has become payable on the death of the rst-dying person, shall be reduced by a percentage according to the following scale—
if the deceased dies within two years of the death of the rst-dying person
if the deceased dies more than two years, but
not more than four years after the death of the rst-dying person
if the deceased dies more than four years, but
not more than six years after the death of the rst-dying person
if the deceased dies more than six years, but
not more than eight years after the death of the rst-dying person
if the deceased dies more than eight years, but
not more than ten years after the death of the rst-dying person
100 per cent 80 per cent
60 per cent 40 per cent 20 per cent
subject to a maximum reduction equal to so much of the duty previously payable upon the death of the rst-dying person as is attributable to the value of that movable or immovable property or, as the case may be, to an amount equal to the value determined by reference to the value of that movable or immovable property, and as is proved to the satisfaction of the Commissioner to have been borne by the deceased.
SAIT CompendIum oF TAx LegISLATIon VoLume 1 669
ESTATE DUTY ACT