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Dwelling houses and all other property

Estate Duty Act 1929

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—(1) Subject to this section, estate duty shall not be payable, in the case of a person dying on or after 1 April 1979 and before 1 April 1982, to the extent of —(a)the amount prescribed of the aggregate value of the deceased’s interest in a dwelling house or dwelling houses, whether occupied by the deceased or not; and(b)$100,000 of the aggregate value of all other property, including any dwelling house which does not qualify for relief under paragraph (a),and the amount thereof shall not form part of the principal value of the estate chargeable with estate duty of any deceased person.(2) Subject to this section, estate duty shall not be payable, in the case of a person dying on or after 1 April 1982 and before 1 April 1984, to the extent of —(a)the amount prescribed of the aggregate value of the deceased’s interest in a dwelling house or dwelling houses or, where the deceased has an interest in any dwelling house which exceeds the amount prescribed, the value of that interest, whether the dwelling house was occupied by the deceased or not;(b)$100,000 of the aggregate value of all other property, including any interest in any dwelling house which does not qualify for relief under paragraph (a); and(c)the excess over $100,000, if any, of the aggregate amount standing to the credit of the deceased at the time of his death in the Central Provident Fund and in any designated pension or provident fund, except that no contributions, and the interest thereon, made by the deceased on or after 1 April 1982 to the Central Provident Fund or to any designated pension or provident fund shall qualify for relief under this paragraph unless the contributions were deductible by the deceased under section 39(2)(g) of the Income Tax Act 1947,and the amount thereof shall not form part of the principal value of the estate chargeable with estate duty of any deceased person.(3) Subject to this section, estate duty shall not be payable, in the case of a person dying on or after 1 April 1984 and before 28 February 1996, to the extent of —(a)the amount prescribed of the aggregate value of the deceased’s interest in a dwelling house or dwelling houses, whether occupied by the deceased or not;(b)$500,000 of the aggregate value of all other property, including any interest in any dwelling house which does not qualify for relief under paragraph (a); and(c)the excess over $500,000, if any, of the aggregate amount standing to the credit of the deceased at the time of his death in the Central Provident Fund or in any designated pension or provident fund except that no contributions (and the interest thereon) made by the deceased —(i)on or after 1 April 1982 to the Central Provident Fund or to any designated pension or provident fund; or(ii)on or after 1 August 1986 to the Central Provident Fund on his own account while carrying on a trade, business, profession or vocation,shall qualify for relief under this paragraph unless the contributions were deductible by the deceased under section 39(2)(g) or (h) of the Income Tax Act 1947,and the amount thereof shall not form part of the principal value of the estate chargeable with estate duty of any deceased person.(4) Subject to this section, estate duty shall not be payable, in the case of a person dying on or after 28 February 1996, to the extent of —(a)the amount prescribed of the aggregate value of the deceased’s interest in a dwelling house or dwelling houses, whether occupied by the deceased or not;(b)$600,000 of the aggregate value of all other property, including any interest in any dwelling house which does not qualify for relief under paragraph (a); and(c)the excess over $600,000, if any, of the aggregate amount standing to the credit of the deceased at the time of his death in the Central Provident Fund or in any designated pension or provident fund except that no contributions (and the interest thereon) made by the deceased —(i)on or after 1 April 1982 to the Central Provident Fund or to any designated pension or provident fund; or(ii)on or after 1 August 1986 to the Central Provident Fund on his own account while carrying on a trade, business, profession or vocation,shall qualify for relief under this paragraph unless the contributions were deductible by the deceased under section 39(2)(g) or (h) of the Income Tax Act 1947,and the amount thereof shall not form part of the principal value of the estate chargeable with estate duty of any deceased person.(5) Where the value of the interest in any dwelling house or dwelling houses which qualifies for relief under subsection (1)(a), (2)(a), (3)(a) or (4)(a) exceeds the amount prescribed, the excess value shall not qualify for relief under subsection (1)(b), (2)(b), (3)(b) or (4)(b).(6) Any dwelling house —(a)used wholly or partly for the purposes of any trade, business, profession or vocation by any person at the time of death of the deceased; or(b)passing on the death of the deceased by virtue of section 7(1)(c),shall not qualify for relief under subsection (1)(a), (2)(a), (3)(a) or (4)(a).(7) In the case of a person dying on or after 25 February 2000, subsection (6)(a) shall not apply to any dwelling house which at the time of his death was used by any person partly for the purposes of any trade, business, profession or vocation —(a)approved under the Home Office Scheme by the Urban Redevelopment Authority or the Housing and Development Board; or(b)allowed under the small business guidelines of the Urban Redevelopment Authority or the Housing and Development Board.(8) In this section —“amount prescribed” —(a)in relation to a person dying on or after 1 April 1979 and before 1 January 1981, is $200,000;(b)in relation to a person dying on or after 1 January 1981 and before 1 April 1984, is $600,000;(c)in relation to a person dying on or after 1 April 1984 and before 28 February 1996, is $3 million;(d)in relation to a person dying on or after 28 February 1996, is $9 million;“Central Provident Fund” means the Central Provident Fund established under the Central Provident Fund Act 1953;“designated pension or provident fund” means an approved pension or provident fund within the meaning of section 39(2)(g) of the Income Tax Act 1947;“dwelling house” includes any building or tenement, or any part thereof, which is used, constructed or adapted to be used for human habitation; but does not include any dwelling house used wholly or partly as a hostel or quarters or for such other purpose as may be prescribed.(9) For the purposes of this section where the deceased has 2 or more dwelling houses the value of each of which exceeds the amount prescribed, the greater value shall qualify for the relief under subsection (2)(a).

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