Rules for inferring the Value of an Annuity of 1001. per Annum, held on the longest of Two Lives: also, the Value of an Annuity of 1007. per Annum, held on the joint continuance of Three Lives: also, the Value of an Annuity of 100l. per Annum, held on the longest of Three Lives.

Rule for determining the Value of an Annuity of 100l. per Annum, held on the longest of Two Lives.

The values of an annuity of 100l. per annum held on each of the single lives, to be added together (from table I.), and from this sum the value of an annuity held on the joint continuance of the two lives (from table II.) to be subtracted; the result is the value of an annuity of 100l. per annum, held on the longest of the two lives.

Rule for determining the Value of an Annuity of 100l. per Annum, held on the joint continuance of Three Lives. The value of an annuity of 100l. per annum on the joint continuance of the two elder lives is to be found from table II. The age of a single life of the same (or nearest) value, with the annuity on the said joint lives, to be found from table I. The value of an annuity of 1007. per annum on the joint continuance of this life and the younger life from table II., five pounds being deducted from this sum, the remainder is the value of an annuity of 100l. per annum held on the joint continuance of the three lives.

Rule for determining the Value of an Annuity of 100l. per Annum, held on the longest of Three Lives.

The values of an annuity of 100l. per annum for each of the three single lives to be extracted from table I., and to be added together. The value of an annuity of 100% per annum on the joint continuance of the two

youngest lives, also the value of an annuity of 100l. per annum on the joint continuance of the two eldest lives, also the value of an annuity of 100l. per annum on the joint continuance of the eldest life and the youngest life, (all found by table II.,) to be subtracted from the sum or addition of the annuities on the three single lives: the result is to be added the value of an annuity of 1001. per annum, held on the joint continuance of the three lives; the amount is the value of an annuity of 100l. per annum on the longest of the three lives.

Further Rule.

to

And in all cases where the annuity shall be for more than three lives, the same shall be valued as an annuity for the three youngest of such lives: and where the annuity shall be given for a longer term of years than ninety-five years, or in perpetuity, the same shall be valued as an annuity for ninety-five years only.

REFERENCE TO PUBLISHED TABLES.

To facilitate calculations under the Legacy Duty Acts and the Succession Duty Act, 1853, two sets of tables have been published, one called New Government Succession Duty Tables, by A. G. Finlaison, Actuary of the National Debt Office. Published by Chapman and Hall, Piccadilly.

Another set is also published, called Willich's New Succession Duty Tables, by C. M. Willich, Actuary and Secretary to the University Life Assurance Society. Longman & Co. 1854. This set of tables can be conveniently bound up with this volume for reference.

DIRECTIONS

AS TO

PAYMENT OF DUTIES AND FILLING UP THE FORMS

SUPPLIED BY

THE COMMISSIONERS OF INLAND REVENUE.

Course of proceeding

ling parties to account for duties.

Directions as to Payment of Duty.

THE Commissioners of Inland Revenue, under the for compel powers confided to them for the collection of the probate, legacy and succession duties, possess the means (although it is not obligatory upon them to do so) of apprising executors, administrators and successors, of the duties for which they are liable to account, and of protecting them from incurring penalties through ignorance. The principal feature of the system, so far as relates to wills and letters of administration, and successions under wills, is, that the office is regularly supplied by the several testamentary courts with copies of all wills proved, and certain particulars of all letters of administration granted in such courts (a). By these means the commissioners obtain prima facie evidence of the amount of duties to become due on the property of every deceased person whose will is proved, or in respect of whose estate letters of administration are granted. On the registration of the copies of wills and abstracts of letters of administration, circular letters are written to the executors or administrators, apprising them of the circumstances, and giving them a succinct statement of the different duties payable on legacies, and the manner in which they are to be accounted for (b). (a) See ante, p. 17.

(b) See Gwynne on Probate and Legacy Duties, pp. 52, 53,

2nd ed.

The commissioners do not possess the same means of ascertaining succession duty under deeds, but it is to be observed that the copies of the registered wills will give them the necessary information for inquiring after succession duty.

Although the Commissioners of Inland Revenue do not possess the same means by reference to an index of deeds of the existence of settlements, yet the change of the ownership of real estates is generally a matter of notoriety, and the revenue officers employed in the country districts will, no doubt, be directed to give notice where the ownership of land has changed.

The acts of parliament do not render it obligatory upon the Commissioners of Inland Revenue to write the letters before mentioned, and therefore parties who are aware that they are liable to account for legacy or succession duties, if well advised, will offer payment, although they have not received any letter from the commissioners.

At the expiration of twelve months from the date of the circular letter, if the duties in the mean time have not been accounted for, another letter requiring payment of all unsettled duties is addressed to the executors or administrators, or other party liable to account. If the residuary personal estate is bequeathed to or devolves upon parties chargeable with duty, another letter is addressed to the executor or administrator, calling for a full account of the estate of the deceased, and of the manner in which it has been disposed of. If attention be not paid to this letter within a short time, and the duties remain unaccounted for, other and more urgent letters are written, until the payment of the duty shall be obtained, or it be shown to the satisfaction of the officer that none are payable. If the applications be attended by neither of the above results, the case is handed over to the solicitor of the inland revenue, with directions to institute legal proceedings against the parties liable to account to render their account (c).

(c) See Gwynne on Probate and Legacy Duties, p. 54, 2nd ed.