Chapter:	111	Title:	ESTATE DUTY ORDINANCE	Gazette Number:	21 of 2005
Section:	5	Heading:	Estate duty	Version Date:	11/02/2006

In the case of every deceased person there shall, save as hereinafter expressly provided, be levied and paid upon the principal value, ascertained as hereinafter provided, of all property passing on the death of such person, a duty called estate duty at the amount or graduated rates, as may be applicable, mentioned in the applicable Part of Schedule 1: (Amended 21 of 2005 s. 5)
Provided that, where the principal value of an estate comprises a fraction of $100, such fraction shall, for the purpose of determining the amount of estate duty payable, be reckoned as $100: [cf. 1894 c. 30 s. 1 U.K.]
Provided also that where an interest in expectancy in any property has, before 27 February 1931, been bona fide sold or mortgaged for full consideration in money or money's worth, then no higher duty on that property shall be payable by the purchaser or mortgagee when the interest falls into possession than is in accordance with the rates mentioned in the Part 1 of Schedule 1, and in the case of a mortgage any higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee. [cf. 1919 c. 32 s. 29 U.K.; 1940 c. 48 s. 17 U.K.]