55.
| (1) The gifts of an individual or a company other than the gifts specified in subsection (1) or subsection (2) of section 54 shall be the taxable gifts of such individual or company, as the case may be, and such individual or company shall, subject to the provisions of section 137, be liable to gifts tax in respect of such taxable gifts. |
|
| (2) The gifts tax payable by an individual for any year of assessment in respect of his taxable gifts shall be the excess of -
| | (a) the amount computed at the appropriate rates of gifts tax specified in the Fifth Schedule to this Act on the aggregate of the values of all taxable gifts within the meaning of this Act, or of the Inland Revenue Act, No. 4 of 1963, or of the Personal Tax Act, No. 14 of 1959, made by such person on or after 18th July, 1958, but before the end of that year of assessment, over | | |
| | (b) the aggregate amount of the sums paid by him for any previous year of assessment, whether by way of gifts tax under this Act or under the Inland Revenue Act, No. 4 of 1963, or by way of contribution in respect of taxable gifts to the Personal Tax, levied under the Personal Tax Act, No. 14 of 1959. | | |
|
|
| (3) In the computation of the gifts tax payable by any individual for any year of assessment the rate or rates of gifts tax which shall be applicable in respect of the gifts made in that year of assessment shall be the rate or rates which would have been applicable if these gifts and the taxable gifts made previously by that individual had been aggregated for that year of assessment. |
|
| (4) The gifts tax payable by a company for any year of assessment in respect of the taxable gifts of the company shall be an amount calculated on such taxable gifts at the rate applicable to a company specified in the Fifth Schedule to this Act. |
|
|
Sri Lanka Consolidated Acts