Stamp Act · s 74

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74.
Allowance for debts and funeral expenses
(1) In determining the value of an estate for the purpose of estate duty allowance shall be made for reasonable funeral expenses not to exceed
$5,000 or 5 per cent of the ascertained value of the estate whichever is the smaller, and for debts and incumbrances, but an allowance shall not be made —
(a) for debts incurred by the deceased, or incumbrances created by a disposition made by the deceased, unless such debts or incumbrances were incurred or created bona fide for full

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consideration in money or money’s worth wholly for the deceased’s own use and benefit and take effect out of his interest;
(b) for any debt in respect whereof there is a right to reimbursement from any other estate or person unless such reimbursement cannot be obtained; or
(c) more than once for the same debt or incumbrance charged upon different portions of the estate, and any debt or incumbrance for which an allowance is made shall be deducted from the value of the property liable thereto.
Property of persons resident out of Brunei Darussalam
(2) An allowance shall not be made in the first instance for debts due from the deceased to persons resident out of Brunei Darussalam (unless contracted to be paid in Brunei Darussalam or charged on property situate within Brunei Darussalam) except out of the value of any property of the deceased situate out of Brunei Darussalam in respect of which estate duty is paid; and there shall be no repayment of estate duty in respect of any such debts, except to the extent to which it is shown to the satisfaction of the
Collector, that the property of the deceased situate in the country in which the person to whom such debts are due resides, is insufficient for their payment.
Property situate outside jurisdiction
(3) Where any property passing on the death of the deceased is situate in any country outside the jurisdiction of the Probate Officer and the
Collector is satisfied that by reason of such death any duty is payable in that country in respect of the property, he shall make an allowance accordingly.
Principal value
(4) The principal value of any property shall be estimated to be the price which, in the opinion of the Collector, such property would fetch if sold in the open market at the time of the death of the deceased.

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s 74Allowance for debts and funeral expenses

(1)

In determining the value of an estate for the purpose of estate duty allowance shall be made for reasonable funeral expenses not to exceed

$5,000 or 5 per cent of the ascertained value of the estate whichever is the smaller, and for debts and incumbrances, but an allowance shall not be made —

(a)

for debts incurred by the deceased, or incumbrances created by a disposition made by the deceased, unless such debts or incumbrances were incurred or created bona fide for full

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consideration in money or money’s worth wholly for the deceased’s own use and benefit and take effect out of his interest;

(b)

for any debt in respect whereof there is a right to reimbursement from any other estate or person unless such reimbursement cannot be obtained; or

(c)

more than once for the same debt or incumbrance charged upon different portions of the estate, and any debt or incumbrance for which an allowance is made shall be deducted from the value of the property liable thereto.

Property of persons resident out of Brunei Darussalam

(2)

An allowance shall not be made in the first instance for debts due from the deceased to persons resident out of Brunei Darussalam (unless contracted to be paid in Brunei Darussalam or charged on property situate within Brunei Darussalam) except out of the value of any property of the deceased situate out of Brunei Darussalam in respect of which estate duty is paid; and there shall be no repayment of estate duty in respect of any such debts, except to the extent to which it is shown to the satisfaction of the

Collector, that the property of the deceased situate in the country in which the person to whom such debts are due resides, is insufficient for their payment.

Property situate outside jurisdiction

(3)

Where any property passing on the death of the deceased is situate in any country outside the jurisdiction of the Probate Officer and the

Collector is satisfied that by reason of such death any duty is payable in that country in respect of the property, he shall make an allowance accordingly.

Principal value

(4)

The principal value of any property shall be estimated to be the price which, in the opinion of the Collector, such property would fetch if sold in the open market at the time of the death of the deceased.