Estate Duty Ordinance Cap. 111 (in short, Cap 111 ESO) is one of Hong Kong ordinances. Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders It regulates the HK estate duty which was a tax imposed on capital asset - the net value of property situated in Hong Kong at the date of the taxpayer's death. Capital asset has two related meanings in the fields of accounting and financial economics It is chargeable irrespective of whether the deceased was a resident of Hong Kong.
The most common used Sections
Cap 111 EDO Section. 2 Application
- This Ordinance is to apply in the case of every deceased person who dies on or after January 1, 1916 and before February 11, 2006. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 1916 ( MCMXVI) was a Leap year starting on Saturday (link will display the full calendar of the Gregorian calendar (or a Leap year Events 660 BC - Traditional founding date of Japan by Emperor Jimmu. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar.
Cap 111 EDO Section. 3 Interpretation
- Some terms using in this Ordinance are interpretated including the following key words:
- "account" (遺產呈報表)
- "affidavit for the Commissioner" (遺產申報誓章)
- "executor" (遺囑執行人) means the executor or administrator of a deceased person.
- "property passing on the death" (去世時轉移的財產)
Cap 111 EDO Section. 5 Estate duty
Cap 111 EDO Section. 6 What property is deemed to pass on death
Cap 111 EDO Section. 10 Exceptions for transactions with money consideration, non-HK property, stocks & certain land in the N. T. HK.
Cap 111 EDO Section. 10A Exceptions for matrimonial home
Cap 111 EDO Section. 12 Payment of estate duty
Cap 111 EDO Section. 13 Value of property; allowance for debts and funeral expenses
Cap 111 EDO Section. 16 Increase of estate duty when delay in lodging affidavit
Cap 111 EDO Section. 18 Charge of estate duty on property
Cap 111 EDO Section. 22 Appeal to Court of First Instance
Cap 111 EDO Section. 31 Relief in respect of quick succession where property consists of leasehold property or a business
Cap 111 EDO Section. 34 Controlled companies
Cap 111 EDO Section. 35 Charge on assets of controlled companies
Cap 111 EDO Section. 44 Value of shares and debentures of controlled companies
Cap 111 EDO Section. 45 Limitation on dispositions through a controlled company in favour of relatives
Cap 111 Sched 1 Table of Estate duty rates to be payable
Reference Links
- Hong Kong Estate Duty Ordinance Cap.111
- HK Inland Revenue Department: The introduction of EDO & the "Revenue (Abolition of Estate Duty) Ordinance 2005".
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