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Duties of company and life assurance company

Estate Duty Act 1929

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—(1) No dealings with shares standing in the name of a deceased person shall be registered unless such shares are included in the schedule referred to in section 41 or in a certificate issued under subsection (4).(2) No sum payable on a policy of life assurance, upon which estate duty is leviable in Singapore, shall be paid by or on behalf of any life assurance company unless the sum secured by the policy is included in the schedule referred to in section 41 or in a certificate issued under subsection (4).(3) Any person who fails without reasonable excuse, to be allowed by the Commissioner, to comply with this section shall be liable to pay such sum not exceeding $500 as the Commissioner may determine, and the same shall be a debt due to the Government and may be recovered under the Government Proceedings Act 1956.(4) Upon the application of any person interested in any shares standing in the name of a deceased person or in any policy of assurance upon the life of a deceased person the Commissioner shall issue a certificate under his hand according to the circumstances —(a)that estate duty has been paid in respect of those shares or the sum payable on that policy; or(b)that those shares or that sum are not liable to estate duty.(5) Subsection (1) shall not apply to —(a)shares standing in the name of a deceased person in his securities account with the Central Depository (Pte) Limited where the aggregate market value of the shares, as at the date of his death, does not exceed $50,000; or(b)shares standing in the name of a deceased person in his CPF Investment Account under the Central Provident Fund Act 1953 where the aggregate market value of the shares, as at the date of his death, does not exceed $50,000.

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