Subsequent Instalments. 183 even numbers, but not so brief when the annuity consists of pounds, shillings, and pence. An epitomised table, No. 4, will be found at the end of the Act, which will obviate the need of such a calculation, and contains, for all practical purposes, the substance of tables extending over ninety-six pages, computed for the Government. By this condensed table the value of any annuity may be found by the simple process of addition and multiplication. Thus to find the value of the annuity of £40 for the life aged thirty-two, you have only to look to the thirty-two age, and multiply the 10, which is denoted to be worth £161, 18s., by four, and you have £647, 12s. This method shows it to be worth twopence less than in the first example, but for the purpose of duty this small deviation does not signify one iota. SECOND AID SUBSEQUENT INSTALMENTS OF SUCCESSION DUTY ON REAL PROPERTY. REGISTER B. of the Year 1873. Folio 29. THE SUCCESSION of Thomas Masters, of the city of Bath, upon the death of Henry Masers, who died on the 12th day of March 1873, derived from Henry Masters the predecessor, under his will, for which duty was assessed on the 13th day of April 1874, on an annual value of £19, 8s. 6d., as shown by an account elivered by Thomas Masters, the successor. The value for alife of thirty-two years is £647, 12s. 2d., £19 8 6 287 Sections 21,22, 23, 24, 25, and 26, contain all the rules for calculating thevalue of every description of property, including timber, adv wsons, beneficial leases, and mines and manors. Careful attentia to these rules will remove all difficulty as to the mode in whch the various properties should be estimated and the returns nade. In concluding this part of our subject, we would draw 184 Meaning of "A Continuing Interest." special attention to the following words, comprising the latter part of section 21: "Provided that if the successor shall die before all such instalments shall have become due, then any instalments not due at his decease shall cease to be payable, except in the case of a successor who shall have been competent to dispose by will of a continuing interest in such property, in which case the instalments unpaid at his death shall be a continuing charge on such interest, in exceration of his other property, and shall be payable by the owner for the time being of such interest." The words, "competent to dispose by will of a continuing inte rest," are not well chosen to convey the meaning of this part of the clause. But it would be ridiculous to imagine that the intention of the legislature was to shield the estate of any person, who might perchance become insane, from paying its fair and just share of duty. It has been judicially construed to mean, that if a successor has the fee simple, or, in plainer language, the right to absolutely dispose of the property, duty shall be paid on the whole of the instalments, whether he happen to die before or after all such fall due. But in the case of a successor who had not a continuing interest,put merely a life-estate, any instalment not actually due at his death would cease. The computation of duty is made in the same manner in both cases, and if the successor who had a mer life-interest should survive the time for discharging the last instalment, he would pay precisely the same as the one who possessed the fee simple or absolute power of disposal. PART IV. 66 CONTAINS THE SUCCESSION DUTY ACT AND THE TABLES BELONGING 16 & 17 VICTORIA, CAP. 51. "An Act for granting to Her Majesty Duties on Succession to Property, and for altering certain Provisions of the Acts charging Duties on Legacies and Shares of Personal Estates" (4th August 1853). Most Gracious Sovereign, WE, your Majesty's most dutiful and loyal subjects, the Commons of the United Kingdom of Great Britain and Ireland in Parliament assembled, towards raising the necessary supplies for defraying your Majesty's public expenses, and making a permanent addition to the public revenue, have freely and voluntarily resolved to grant unto your Majesty the duties hereinafter mentioned; and do most humbly beseech your Majesty that it may be enacted; and be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parlia ment assembled, and by the authority of the same, as follows : I. In the construction and for the purposes of this Act, The term "real property" shall include all freehold, copyhold, cus- Interpretatomary, leasehold, and other hereditaments, and heritable property, tion of cerwhether corporeal or incorporeal, in Great Britain and Ireland, tain terms n except money secured on heritable property in Scotland, and all estates in any such hereditaments: The term "personal property" shall not include leaseholds, but shall include money payable under any engagement, and money secured on heritable property in Scotland, and all other property not comprised in the preceding definition of real property: this Act. 186 The Succession Duty Act. The term "property" alone shall include real property and personal property: The term "succession" shall denote any property chargeable with duty under this Act: The term "trustee" shall include an executor and administrator, and any person having or taking on himself the administration of property affected by any express or implied trust: The term "person" shall include a body corporate, company, and society: The term “Legacy Duty Acts" shall denote the Acts now in force for charging duties on legacies and shares of the personal estates of deceased persons. What dispo- II. Every past or future disposition of property, by reason whereof sitions and any person has, or shall, become beneficially entitled to any property or devolutions of property the income thereof upon the death of any person dying after the time shall confer appointed for the commencement of this Act, either immediately or successions. after any interval, either certainly or contingently, and either originally or by way of substitutive limitation, and every devolution by law of any beneficial interest in property, or the income thereof, upon the death of any person dying after the time appointed for the commencement of this Act, to any other person, in possession or expectancy, shall be deemed to have conferred or to confer on the person entitled by reason of any such disposition or devolution a "succession;" and the term Definition of "successor "shall denote the person so entitled; and the term "predecessor" shall denote the settlor, disponer, testator, obligor, ancestor, "successor," or other person from whom the interest of the successor is or shall be the terms "predecessor." successors. derived. Joint tenants III. Where any person shall, at or after the time appointed for the taking by commencement of this Act, have any property vested in them jointly, survivorship to be deemed by any title not conferring on them a succession, any beneficial interest in such property accruing to any of them by survivorship shall be, deemed to be a succession; and every person to whom any such interest shall accrue shall be deemed to be the successor; and the person upon whose death such accruer shall take place shall be deemed to be the predecessor; and where any persons after the time appointed for the commencement of this Act shall take any succession jointly, they shall pay the duty, if any, chargeable thereon by this Act in proportion to their respective interests in the succession; and any beneficial interest in such succession accruing to any of them by survivorship shall be deemed to be a new succession, derived from the predecessor from whom the joint title shall have been derived. General IV. Where any person shall have a general power of appointment, powers of under any disposition of property taking effect upon the death of any appointment person dying after the time appointed for the commencement of this to confer successions. Act, over property, he shall, in the event of his making any appointment thereunder, be deemed to be entitled, at the time of his exercising such power, to the property or interest thereby appointed as a succession derived from the donor of the power; and where any person shall have a limited power of appointment, under a disposition taking effect, upon any such death, over property, any person taking any property by the The Succession Duty Act. exercise of such power shall be deemed to take the same as a succession derived from the person creating the power as predecessor. 187 confer suc V. Where any property shall at or after the time appointed for the Extinction of commencement of this Act be subject to any charge, estate, or interest, determinable determinable by the death of any person, or at any period ascertainable charges to only by reference to death, the increase of benefit accruing to any per- cessions. son or persons upon the extinction or determination of such charge, estate, or interest shall be deemed to be a succession accruing to the person, or the persons if more than one, then entitled beneficially to the property or the income thereof, according to his or their respective estates or interests therein, or beneficial enjoyment thereof; and the person or persons from whom such successor or successors respectively shall have derived title to the property so charged shall be deemed to be the predecessor or predecessors, as the case may be. VI. Provided, that no person entitled, at the time appointed for the Persons now commencement of this Act, to the immediate reversion in any real pro- beneficially perty expectant upon the determination of any lease for life or for years determinable on life, shall be chargeable with duty in respect of such determination, in the event of the same occurring in his lifetime. entitled to real property subject to leases for life, not liable to by the reser duty. VII. Where any disposition of property, not being a bona fide sale, Dispositions and not conferring an interest expectant on death on the person in accompanied whose favour the same shall be made, shall be accompanied by the vation of a reservation or assurance of or contract for any benefit to the grantor, or benefit to the any other person, for any term of life, or for any period ascertainable grantor, &c. only by reference to death, such disposition shall be deemed to confer to confer sucat the time appointed for the determination of such benefit an increase of beneficial interest in such property, as a succession equal in annual value to the yearly amount or yearly value of the benefit so reserved, assured, or contracted for, on the person in whose favour such disposition shall be made. cessions. VIII. Where any disposition of property shall be made to take Dispositions effect at a period ascertainable only by reference to the date of the to take effect at periods dedeath of any person dying after the time appointed for the commence- pending on ment of this Act, such disposition shall be deemed to confer a succession death or on the person in whose favour the same shall be made; and where any made for evadingduty, disposition of property shall purport to take effect presently, or under to confer sucsuch circumstances as not to confer a succession, but by the effect or cessions. in consequence of any engagement, secret trust, or arrangement capable of being enforced in a court of law or equity, the beneficial ownership of such property shall not bond fide pass according to such disposition, but shall in fact devolve to any person on death, or at some period ascertainable only by reference to death, then such last-mentioned person shall be deemed to acquire the property so passing as a succession derived from the person making the disposition as the predecessor; and where any court of competent jurisdiction shall declare any disposition to have been fraudulent and made for the purpose of evading the duty imposed by this Act, it shall be lawful for such court to declare a succession to have been conferred on such person at such time and to such an extent as such court shall think just; and such last-mentioned per |