8.
| (1) Where any property vests or is deemed to vest absolutely in any person by virtue of the operation of this Act free of the interest of any other person or persons, natural or juristic, who but for the operation of this Act would have had an expectation of succeeding thereto as fideicommissary or fideicommissaries, such first-mentioned person may, within six months of the date of the coming into operation of this Act, execute a transfer of the whole or any part or share of such property, if he has not already sold or otherwise alienated such property, to such other person or persons or any one or more of them, without the payment of stamp duty or gifts tax upon such transfer: |
|
| (2) Any property transferred under the provisions of subsection (1) shall not-
| | (a) be deemed to form part of the estate of the transferor for the purposes of the Estate Duty Ordinance; or | | |
| | (b) be subject to the provisions of the Estates (Control of Transfer and Acquisition) Act, No. 2 of 1972, and the Tea and Rubber (Control of Fragmentation) Act, No. 2 of 1958. | | |
|
|
|
Sri Lanka Consolidated Acts