|
|
Valuation date for tax purposes.
|
21.—(1) Subject to the provisions of subsection (7), the valuation date of a taxable gift shall be the date of the gift.
|
|
| |
(2) The valuation date of a taxable inheritance shall be the date of death of the deceased person on whose death the inheritance is taken if the successor or any person in right of the successor or on his behalf takes the inheritance—
|
|
| |
(a) as a donatio mortis causa; or
|
|
| |
(b) by reason of the failure to exercise a power of revocation.
|
|
| |
(3) If a gift becomes an inheritance by reason of its being taken under a disposition where the date of the disposition is within two years prior to the death of the disponer, the valuation date thereof shall be determined as if it were a gift.
|
|
| |
(4) The valuation date of a taxable inheritance, other than a taxable inheritance referred to in subsection (2) or (3), shall be the earliest date of the following—
|
|
| |
(a) the earliest date on which a personal representative or trustee or the successor or any other person is entitled to retain the subject matter of the inheritance for the benefit of the successor or of any person in right of the successor or on his behalf;
|
|
| |
(b) the date on which the subject matter of the inheritance is so retained; or
|
|
| |
(c) the date of delivery, payment or other satisfaction or discharge of the subject matter of the inheritance to the successor or for his benefit or to or for the benefit of any person in right of the successor or on his behalf.
|
|
| |
(5) If any part of a taxable inheritance referred to in subsection (4) may be retained, or is retained, delivered, paid or otherwise satisfied, whether by way of part payment, advancement, payment on account or in any manner whatsoever, before any other part or parts of such inheritance, the appropriate valuation date for each part of the inheritance shall be determined in accordance with that subsection as if each such part respectively were a separate inheritance.
|
|
| |
(6) The Commissioners may give to an accountable person a notice in writing of the date determined by them to be the valuation date in respect of the whole or any part of an inheritance, and, subject to any decision on appeal pursuant to subsection (9), the date so determined shall be deemed to be the valuation date.
|
|
| |
(7) If a taxable inheritance referred to in subsection (4) or (5) is disposed of, ceases or comes to an end before the valuation date referred to in those subsections in such circumstances as to give rise to a taxable gift, the valuation date in respect of such taxable gift shall be the same date as the valuation date of the taxable inheritance.
|
|
| |
(8) Notwithstanding anything contained in this section, the Commissioners may, in case of doubt, with the agreement in writing of the accountable person or his agent, determine the valuation date of the whole or any part of any taxable inheritance and the valuation date so determined shall be substituted for the valuation date which would otherwise be applicable by virtue of this section.
|
|
| |
(9) An appeal shall lie against any determination made by the Commissioners under subsection (6) and the provisions of section 52 shall apply, with any necessary modifications, in relation to an appeal under this subsection as they apply in relation to an appeal against an assessment of tax.
|
