18.Where the Commissioner-General is satisfied that estate duty has become payable on any property consisting of land or a business (not being a business carried on by a company), or any interest in land or such a business, passing on the death of any person, and that subsequently within five years estate duty has again become payable on the same property, or any part thereof, passing upon the death of the person to whom the property passed on the first death the amount of estate duty payable on the second death, in respect of the property so passing shall be reduced as follows:
| (a) where the second death occurs within one year of the first death, by fifty per centum; |
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| (b)where the second death occurs within two years the first death, by forty per centum; |
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| (c) where the second death occurs within three years of the first death, by thirty per Centura; |
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| (d) where the second death occurs within four years of the first death, by twenty per centum; |
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| (e) where the second death occurs within five years of the first death, by ten per centum: |
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Provided that where the value, on which the duty is payable, of the property on the second death exceeds the value, on which the duty was payable, of the property on the first death, the latter value shall be substituted for the former for the purpose of calculating the amount of duty on which the reduction under this section is to be calculated. |
Sri Lanka Consolidated Acts