§ 13. "That—
- (a) if a deceased person has in his lifetime directly or indirectly transferred property to a company and has in his lifetime received, directly or indirectly, benefits of any kind (other than interest or dividends) from that company, a sum representing the assets of that company at the date of his death, or a proper proportion of those assets, shall, for the purpose of the enactments relating to estate duty be deemed (subject to such exceptions and qualifications as Parliament may by any Act of the present Session relating to Finance determine) to pass on his death:
- (b) where in the lifetime of a deceased person any property in which he or any other person had an estate or interest limited to cease on the death of the deceased person, was transferred, directly or indirectly, to or for the benefit of a company, that property or, in case that property or any part thereof was sold or exchanged by the company during the lifetime of the deceased, the assets in the hands of the company representing the property so sold or exchanged, shall, for the purpose of the enactments relating to estate duty, be deemed (subject to such exceptions and qualifications as Parliament may determine as aforesaid) to pass on the death of the deceased, notwithstanding any extinction of the estate or interest:
- (c) where any property passing on the death of a deceased person includes shares,
209 or any like interests, in a company, the value of those shares or interests shall (subject to such exceptions and qualifications as Parliament may determine as aforesaid) be determined by reference to the principal value of the total assets of the company;
- (d) any estate duty payable in respect of any property by virtue of paragraph (a) or paragraph (b) of this Resolution shall be a debt due to the Crown from the company, and the company and every director thereof shall be accountable for the duty."