ADVOKS GLOBAL · KENYA
Estate Duty Act
33. Special provisions for trustees
Edition: 1991-12-27 · In force
33. Special provisions for trustees
(1)Trustees who are desirous of distributing the trust property but who are aware that by reason of a past disposition the trust property may become liable for estate duty on a future death may apply to the Commissioner by affidavit in the prescribed form for a certificate of maximum liability.(2)Every such affidavit shall specify the trust property and all other property likely to attract estate duty on the death and the present value of all such trust and other property.(3)If the Commissioner is satisfied as to the truth of the facts averred, he may issue a certificate specifying an amount which he estimates to be sufficient to pay any estate duty payable on the death in respect of the property specified, and if the trustees retain and invest that amount in investments for the time being authorized by law for the investment of trust funds they shall not be liable as trustees for any estate duty in respect of that property in connexion with the death when it occurs beyond the value of the investments so held.