Repeal of Succession Duties Act 1929
Legislation: Succession Duties Act 1929
Date Issued: 5 December 2013
Information Circulars do not have the force of law.
The Succession Duties Repeal Act 2013 (the “Repeal Act”), extinguishes any residual matters that may still arise even though succession duties were abolished as from 1 January 1980. The Repeal Act was assented to by His Excellency the Governor today.
The Succession Duties Act 1929 (the “Act”) was amended in 1979 to exempt from succession duty the estates of persons who died on or after 1 January 1980. However, succession duty assessments and refunds continue to be made in a very few cases in relation to the estates of some persons who died before that date as certain events trigger a liability or an entitlement under the Act.
The Repeal Act extinguishes any:
- liability as from 1 July 2014 that should have been paid prior to 1980 but has not been paid;
- potential entitlement to a refund under the Act that has not crystallised before 1 July 2014; and
- entitlement to a refund that existed prior to 1 July 2014 but in respect of which an application for a refund has not been made on or before 31 December 2014.
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