80.
| (1) Notwithstanding anything in the Estate Duty Ordinance,
| | (a) the Commissioner-General may reduce or waive any interest incurred on the amount of any estate duty Ordinance payable under the Estate Duty Ordinance, if he considers that such reduction or waiver is just and equitable in all the circumstances of the case ; and | | |
| | (b) the value, for the purpose of computing the estate duty payable under that Ordinance upon the value of the estate of any person dying on or after April 1, 1977 but prior to November 15. 1978. of any immovable property forming part of any such estate shall-
| | | (i) if that property had been acquired by the deceased prior to March 31, 1977 be deemed to be the price, which in the opinion of an Assessor, that property would have fetched if sold in the open market on March 31, 1977 increased by an amount equal to the value of any improvements, alterations and additions, if any, made to that property after March 31, 1977 and prior to the date of death of the deceased ; and |
| (ii) if that property had been acquired by the deceased on or after March 31, 1977 but prior to November 15, 1978 be deemed to be the price which in the opinion of an Assessor that property would have fetched if sold in the open market on the date on which, It was acquired by the deceased increased by an amount equal to the value of any improvements additions and alternations and if any made to that property after the date on which it was acquired by the deceased and prior to the date of death of the deceased. |
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| (2) Notwithstanding anything in section 49 of the Estate Duty Ordinance, where any estate duty payable under the Estate Duty Ordinance upon the value of the estate person dying prior to November 15, 1978 is in defray November 15, 1979, simple interest at the rate of eight per centum per annum shall be paid upon the amount of duty in default from November 15, 1979 to November 15, 1981 or the date of payment, whichever date is earlier, and where any such duty is in default on November 15, 1981, simple interest at the rate of twelve per centum per annum shall be paid upon the amount of duty in default from November 15, 1981 to the date of payment. |
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| (3) Where any estate duty payable under the Estate Duty Ordinance upon the value of the estate of a person dying prior to November 15, 1978 is in default on the date of commencement of this Act, the amount of such duty may, notwithstanding anything in the Estate Duty Ordinance, be collected and recovered under this Act as if such amount were estate duty in default under this Act. |
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| (4) In subsections (2) and (3) "estate duty" includes interest whether incurred under the Estate Duty Ordinance or by virtue of this section. |
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Sri Lanka Consolidated Acts