ADVOKS GLOBAL · KENYA
Estate Duty Act
24. Basis of valuation
Edition: 1991-12-27 · In force
24. Basis of valuation
(1)The value of any property for the purpose of assessing estate duty shall, except as otherwise provided in this Part, be the price which in the opinion of the Commissioner it might reasonably have been expected to realize in a sale between a willing buyer and a willing seller, as a whole or by lots, or generally in whatever manner would have been most advantageous, at the date of the death of the deceased, and in the case of immovable property there may be taken into account the rent which the property might reasonably have been expected to produce:Provided that, where a person accountable for the estate duty payable on an interest in expectancy elects under section 38 of this Act to pay the duty at the date when the interest is disposed of or falls into possession, the value shall for the purpose of ascertaining the rate and amount of duty payable on that interest be deemed to be the value at the date of the disposition or the date when the interest falls into possession, as the case may be.(2)Where the Commissioner is satisfied that the value of any property has been depreciated by reason of the death of the deceased, the Commissioner shall take such depreciation into account in assessing the value of the property.