Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 28 of 1979) - Sect 44

Wealth to include certain property

44.
(1) There shall be included in the wealth of a person-
(a) any property, not being property owned by the State, in which he has only a life interest;
(b) any motor vehicle of which he is the possessor; In this paragraph, "possessor" means a person who is in possession of a motor vehicle in pursuance of any agreement (other than a hire purchase agreement) entered into by him in respect of that vehicle;
(c) being the only beneficiary under a trust, the property subject to the trust;
(d) being one of several beneficiaries under a trust the benefits from which to the beneficiaries can be ascertained from year to year, such part of the property subject to the trust as is proportionate to his share of the benefits from the trust;
(e) being the trustee of a trust the benefits from which to all or any of the beneficiaries under the trust cannot be ascertained from year to year, the property subject to the trust;
(f) being the trustee of a trust of a public character the property subject to the trust;
(g) being a partner in a firm, the value of his interest in the firm determined in the prescribed manner :
(2) Where the estate of a deceased person is administered by an executor, then for the purposes of subsection (1), the executor shall be deemed to be the trustee of the estate and every heir to the whole or any part of the estate shall be deemed to be a beneficiary and the estate shall be deemed to be the property subject to the trust.

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