Estate Duty (Amendment) Law A LAW TO AMEND THE ESTATE DUTY ORDINANCE BE it enacted by the National State Assembly of the Republic of Sri Lanka as follows:- Short title. 1. This Law may be cited as the Estate Duty (Amendment) Law, No. 29 of 1978. Amendment of section 5 of Chapter 241. 2. Section 5 of the Estate Duty Ordinance (herein after referred to as the " principal enactment "), as amended by Act No. 11 of 1963, is hereby further amended as follows : - (1) in paragraph (vi) of subsection (1) of that section, by the substitution, for the words and figures " is the first day of August, 1968, or any subsequent date ", of the following : - " is on or after the first day of August, 1963, and not later than the fifteenth day of November, 1977,"; and (2) by the addition, immediately after paragraph (vi) of subsection (1) of that section, of the following new paragraph :- " (vii) where the date of his death is the sixteenth day of November, 1977, or any subsequent date, be computed in accordance with the provisions of this Ordinance- (a) if the value of his total estate does not exceed the value of his Sri Lanka estate, at the rates shown in column II of Part VII of the Schedule, each such rate being applicable to such portion of the value of the estate as is shown in the corresponding entry in column I of that Part, and (b) if the value of his total estate exceeds the value of his Sri Lanka, estate, at a rate equal to the percentage which the amount that would be estate duty on his total estate, if his total estate were entirely his Sri Lanka estate, bears to the value of his total estate.". Amendment of section 17A of the principal enactment. 3. Section 17A of the principal enactment (inserted therein by Act No. 15 of 1959) as amended by Law No. 82 of 1974, is hereby further amended, as follows : - (1) by the substitution, in subsection (2) of that section, for the words and figures " whose death occurs on or after the first day of November, 1973, ", of the following:- " whose death occurs on or after the first day of November, 1973, and not later than the fifteenth day of November, 1977; and (2) by the addition, at the end of that section, of the following new subsection: - " (3) Where any person whose death occurs on or after the sixteenth day of November, 1977, has gifted any property taxable as a gift under the Personal Tax Act, No. 14 of 1959, or under the Inland Revenue Act, No. 4 of 1963, there shall be set off against the amount of the estate duty payable on his Sri Lanka estate upon his death the amount computed at such rates specified in Part VII of the Schedule to this Ordinance in respect of that part of his estate as is equivalent to the aggregate value of such gifted property as though such aggregate value were the value of his Sri Lanka estate. ". Amendment of section 21 of the principal enactment. 4. Section 21 of the principal enactment, as amended by Law No. 32 of 1974, is hereby amended as follows: - (1) by the substitution, in subsection (b) of that section, for the words and figures " whose death occurs on or after the first day of November, 1973, ", of the following : - " whose death occurs on or after the first day of November, 1978, and not later than the fifteenth day of November, 1977,"; and (2) by the addition, at the end of that section, of the following new subsection:- " (10) Where any person whose death occurs on or after the sixteenth day of November, 1977, has gifted any property taxable as a gift under the Personal Tax Act, No. 14 of 1959, or under the Inland Revenue Act, No. 4 of 1983, the value of such property for the purposes of this Ordinance shall be the value of such property for the purpose of the determination of the contribution under the aforesaid Personal Tax Act or for the purpose of the determination of the tax. under the aforesaid Inland Revenue Act, as the case may be. ". Amendment of section 80 of the principal enactment. 5. Section 80 of the principal enactment is hereby amended by the insertion, immediately after the definition of " executor ", of the following new definition: - " gift " means any gift taxable as such under the Personal Tax Act, No. 14 of 1959, or under the Inland "Revenue Act, No. 4 of 1968.. but shall not include a gift deemed to arise under the provisions of section 40 (g) of the Inland Revenue Act, No. 4 of 1963; Amendment of the Schedule to the principal enactment. 6. The Schedule to the principal enactment is hereby amended by the addition, at the end, of that Schedule, of the following new Part:-