cession according to any Trust for that Purpose, or by any Person in respect of a Succession, who, if taking the same as a Legacy, would be exempted from the Payment of Duty in respect thereof under the Legacy Duty Acts; and no Person charged with the Duties on 5 Legacies and Shares of Personal Estate under the Legacy Duty Acts shall be charged also with the Duty granted by this Act in respect of the same Acquisition of the same Property. XVII. No Legatee or other Person shall, after the Time appointed Leasehold for the Commencement of this Act, be chargeable under the Legacy Estates not to be charged 10 Duty Acts with Duty, not then already due, in respect of any Lease- with Legacy hold Hereditaments of any Testator or deceased Person, as belonging Duty as Perto the Personal Estate of the Testator or Deceased. sonal Estate. Successor possession, Case of out XVIII. The Duty imposed by this Act shall be paid at the Time Duties to be when the Successor, or any Person in his Right or on his Behalf, shall paid on the 15 become entitled in possession to his Succession, or to the Receipt of becoming the Income and Profits thereof; except that if there shall be any prior entitled in Charge, Estate, or Interest upon or in the Succession, by reason whereof but in the the Successor shall not be presently entitled to the full Enjoyment or standing Value thereof, the Duty in respect of the increased Value accruing Interests, on 20 upon the Determination of such Charge, Estate, or Interest shall, if not the Deterpreviously paid or compounded for, be paid at the Time of such thereof. Determination; and except that in case of an Annuity, or Property hereby made chargeable as an Annuity, the Duties shall be paid by such Instalments as are herein-after directed or referred to. 25 mination sor in Real Property to be considered as an Annuity. XIX. The Interest of every Successor, except as herein provided, The Interest in Real Property, shall be considered to be of the Value of an Annuity of a Succesequal to the annual Value of such Property, after making such Allowances as are herein-after directed, and payable from the Date of his becoming entitled thereto in possession, during the Residue of his 30 Life, or for any less Period during which he shall be entitled thereto; and every such Annuity, for the Purposes of this Act, shall be valued according to the Tables in the Schedule annexed to this Act; and the Duty chargeable thereon shall be paid by Eight equal halfyearly Instalments, the First of such Instalments to be paid at the 35 Expiration of Twelve Months next after the Successor shall have become entitled in possession to the Real Property in respect whereof the same shall be payable, and the Seven following Instalments at half-yearly Intervals of Six Months, each to be computed from the Day on which the First Instalment shall have become due, provided 40 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 whose Interest Rules for valuing Lands, Houses, &c. Rule for valuing Timber. Rule as to shall not have been determined by his Death, and who shall have been competent to dispose of the same Interest, in which Case the Instalments unpaid at his Death shall be a continuing Charge on such Interest, in exoneration of his other Property, and shall be payable by the Owner for the Time being of such Interest. 5 XX. In estimating the annual Value of Lands used for Agricultural Purposes, Houses, Buildings, Tithes, Rentcharges, and other Property yielding or capable of yielding Income not of a fluctuating Character, an Allowance shall be made of all necessary Outgoings; but there shall be included in such Estimate, in the Case of a Successor 10 not restricted from cutting the Timber thereon, the computed annual Value of such Timber, not being Timber planted or left standing for the Shelter or Ornament of a Mansion House, and valued therewith. XXI. In estimating the annual Value of Timber for the Purposes of this Act, One of the Two following Methods shall be adopted, at 15 the Option of the Successor, to be declared before any Duty on his Succession shall have become payable; (that is to say,) either the average yearly Profits obtainable by the Sale of such Timber shall be deemed to be the annual Value thereof, or the principal Value thereof at the Time of the Succession becoming vested in possession shall be 20 ascertained, and the annual Value thereof shall be deemed to be equal to Interest calculated at the Rate of Three Pounds per Centum per Annum on the Amount of such principal Value. XXII. A Successor shall not be chargeable with Duty in respect Advowsons. of any Advowson comprised in his Succession, unless the same, or some 25 Right of Presentation, or some other Interest in or out of such Advowson, shall be disposed of by or in concert with him for Money or Money's Worth, in which Case he shall be chargeable with Duty upon the Amount or Value of the Money or Money's Worth for which the same, or any such Presentation or Interest, shall be so disposed of 30 at the Time of such Disposal. Rule as to Property subject to beneficial Leases. Rule as to Mines, &c. XXIII. Where a Successor, entitled to any Real Property, subject to any Lease by reason whereof he shall not be presently entitled to the full Enjoyment thereof, shall not have paid Duty in respect of the full yearly Value of such Property, he shall be chargeable with Duty upon 35 the Amount of any Fine which he may receive for the Renewal of any such Lease, or for the Grant of any Reversionary Lease of the same Property. XXIV. The yearly Value of any Manor, Mine, or other Real Property of a fluctuating yearly Value shall either be calculated upon 40 the the average Profits or Income derived therefrom, after deducting all necessary Outgoings, during such a Number of preceding Years as shall be agreed upon for this Purpose between the Commissioners and the Successor, before the first Payment of Duty on the Succession 5 shall have become due, or, if no such Period shall be agreed upon, then the principal Value of such Property shall be ascertained, and the annual Value thereof shall be considered to be equal to Interest calculated at the Rate of Three Pounds per Centum per Annum on the Amount of such principal Value. 10 taking Real XXV. Where any Body Corporate or registered Company shall Duty paybecome entitled, as Successors, to any Real Property, the Duty in porations and able by Correspect thereof shall be assessed upon the principal Value of such Companies Property, but shall be payable by such Instalments, at such Times, Estates. and in such Manner as the same would be payable if assessed in respect 15 of Property devolving on a Successor in Fee Simple; and it shall be lawful for such Body Corporate or registered Company to raise the Amount of any Duty due in respect of their Succession upon the Security thereof at Interest, with Power for them to give effectual Discharges for the Money so raised. 20 paid by Suc XXVI. If a Successor, or any Person on his Behalf, upon becoming Allowance entitled to any Copyhold or other Real Property, shall be subject to for Fines, &c. any Fines, Reliefs, or Charges incident to the Tenure thereof, and due cessor. in respect of his Succession, he shall be entitled to have a Deduction allowed to him of the Amount of such Fines, Reliefs, or Charges from 25 the assessable Value of his Interest in such Copyhold or other Real Property. ed to be sold to be charged as Personalty. XXVII. The Interest of any Successor in Monies to arise from the Real ProSale of Real Property under any Trust for the Sale thereof, so far as the same shall not be chargeable with Duty under the Legacy Duty 30 Acts, shall be deemed to be Personal Property chargeable with Duty under this Act; provided that where such Monies shall be subject to any Trust for the Reinvestment, thereof in the Purchase of other Real Property, to which the Successor would not be absolutely entitled, such Monies shall be deemed to be Real Property, and for the Pur35 pose of this Act each Successor's Interest therein shall be considered to be of the Value of an Annuity, payable during his Life, or for any less Period during which he shall be entitled, equal in Amount to the annual Produce of the actual Trust Property at the Time of his becoming entitled in possession, whether the same shall then be the 40 Real Property subject to the Trust or Direction for Sale, or any Property purchased in substitution for it, or any meşne Investment of the Produce of the Sale of the original Property. Personal Property to be invested in Real Property how to be charged. Annuities under this Act, and the according to the Tables annexed to this Act. to the Assess sonalty. XXVIII. The Interest of any Successor in Personal Property subject to any Trust for the Investment thereof in the Purchase of Real Property to which the Successor would be absolutely entitled shall, so far as the same shall not be chargeable with Duty under the Legacy Duty Acts, be chargeable with Duty under this Act as Per- 5 sonal Property; and Personal Property subject to any Trust for the Investment thereof in the Purchase of Real Property to which the Successor would not be absolutely entitled shall, so far as the saine shall not be chargeable with Duty under the Legacy Duty Acts, be chargeable with Duty under this Act as Real Property; and for the 10 Purposes of this Act each Successor's Interest therein shall be considered to be of the Value of an Annuity, payable during his Life, or for any less Period during which he shall be entitled, equal in Amount to the annual Produce of the actual Trust Property at the Time of his becoming entitled in possession, whether the same shall be the Real 15 Property directed to be purchased, or any mesne Investment of the Personal Property directed to be invested in such Purchase. XXIX. The Value of any Interest in Personal Property chargeable as an Annuity, either under this Act or under the Legacy Duty Acts, and upon which the Duty shall not already have been assessed under 20 such Acts, shall, after the Time appointed for the Commencement of this Act, be calculated according to the Tables in the Schedule annexed to this Act, and not according to the Schedule annexed to the Act of the Thirty-sixth Year of the Reign of King George the Third, Chapter Fifty-two. 25 Provisions as XXX. The following Provisions relating to the Assessment and ment of Per- Payment of Duty on Personal Estate, and the Exemption thereof from Duty in certain Cases, namely, the Eighth, Tenth, Eleventh, Twelfth, Fourteenth, and Twenty-third Sections of the said Act of the Thirtysixth Year of the Reign of King George the Third, Chapter Fifty-two, 30 shall be applicable to the Personal Property comprised in any Succession, and to the Assessment and Payment of Duty thereon, as if such Personal Property were a Legacy bequeathed by the Predecessor to the Successor, and were subject to the said Provisions, and as if the Tables in the said Act referred to were the Tables in the Schedules 35 annexed to this Act. Allowance to general Power of ment. XXXI. Where the Donee of a Power of Appointment exerciseable for his own Benefit shall become chargeable with Duty in respect of the Property appointed by him under such Power, he shall be allowed to deduct from the Duty so payable any Duty he may have already 40 paid in respect of any limited Interest taken by him in such Property. XXXII. In lowance to be brances. XXXII. In estimating the Value of a Succession no Allowance shall What Allowbe made in respect of any Incumbrance thereon created or incurred made for by the Successor, whether by Appointment or otherwise, but an IncumAllowance shall be made in respect of all other Incumbrances; pro5 vided that upon any Successor becoming entitled to Real Property subject to any prior principal Charge, an Allowance shall be made to him in respect only of the yearly Sums payable by way of Interest or otherwise on such Charge as reducing the annual Value pro tanto of such Real Property. 10 made in Incum XXXIII. In estimating the Value of a Succession no Allowance No Allowshall be made in respect of any contingent Incumbrance thereon; but ance to be in the event of such Incumbrance taking effect as an actual Burden respect of on the Interest of the Successor, he shall be entitled to a Return of contingent so much of the Duty paid by him as will reduce the same to the brances, 15 Amount which would have been charged on him if such Incumbrance unless they had originally been taken into account in assessing the Duty payable on his Succession. take effect. The Duty on to be cal culated without regard tingency upon which XXXIV. In estimating the Value of a Succession no Allowance shall be made in respect of any Contingency upon the happening of 20 which the Property may pass to some other Person; but in the event to any Conof the same so passing the Successor shall be entitled to a Return of so much of the Duty paid by him as will reduce the same to the the Interest Amount which would have been payable by him if such Duty had of the Sucbeen assessed in respect of the actual Duration or Extent of his be defeated; 25 Interest. cessor may but in the event of the Contingency the Succes Return of a XXXV. Where a Successor shall not have obtained the whole of happening his Succession at the Time of the Duty becoming payable, he shall be sor to be chargeable only with Duty on the Value of the Property or Benefit entitled to a from Time to Time obtained by him; and whenever any Duty shall proportional 30 have been paid on account of any Succession, and it shall afterwards Amount of Duty. be proved to the Satisfaction of the Commissioners that such Duty, Provision for not being due from the Person paying the same, was paid by Mistake, Allowance or was paid in respect of Property which the Successor shall have been or Return of Duty. unable to recover, or from or of which he shall have been evicted or 35 deprived by any superior Title, or that for any other Reason it ought to be refunded, the Commissioners shall thereupon refund the same to the Person entitled thereto. to Successor XXXVI. Where any Successor upon taking a Succession shall be Allowance bound to relinquish any other Property, the Commissioners shall, upon to be made 40 the Computation of the assessable Value of his Succession, make such in respect of Allowance relinquished 510. |