RULE for determining the Value of an Annuity of 1007. 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 100l. per Annum on the joint Continuance of the Two youngest Lives, also the Value of an Annuity of 1007. 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 oldest 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: To the Result is to be added the Value of an Annuity of 100l. per Annum held on the joint Continuance of the Three Lives; the Amount is the Value of an Annuity of 1007. per Annum on the longest of the Three Lives. FURTHER RULE. 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. A BILL [AS AMENDED IN COMMITTEE] 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. (Prepared and brought in by Mr. Bouverie, Mr. Chancellor of the Exchequer, Ordered, by The House of Commons, to be Printed, 607. Under 8 oz. LAS AMENDED IN COMMITTEE AND ON RE-COMMITMENT] ARRANGEMENT OF CLAUSES. Preamble. I. Interpretation. Interpretation of Act.-Real Property; Personal Property; Property; Succession; Trustee; Person; Legacy Duty Acts; Sect. 1. II. Description of Successions to be charged with Duty. What Dispositions and Devolutions of Property shall confer Successions; Definition of "Successor," "Predecessor;" 2. Joint Tenants taking by Survivorship to be deemed Successors; 3. General Powers of Appointment to confer Successions; 4. Extinction of determinable Charges to confer Successions; 5. Persons now beneficially entitled to Real Property subject to Leases for Life not liable to Duty; 6. Dispositions accompanied by a Reservation of a Benefit to the Maker to confer Successions; 7. Dispositions to take effect at Periods depending on Death, or made for the Purpose of evading Duty, to confer Successions; 8. III. Management and Grant of Duties. Duties to be under the Care of the Commissioners of Inland Revenue; 9. Duties on Successions; 10. Provision as to married Persons chargeable with Succession or Legacy Duty; 11. What Duties payable when the Successor is also Predecessor; 12. Provision as to joint Predecessors; 13. Duty on transmitted Successions; 14. Duty payable in respect of transferred Interests; 15. Succession subject to Trusts for charitable or public Purposes charge able with Duty; 16. Life Policy; 17. Exemptions; 18. Leasehold Estates not to be charged with Legacy Duty as Personal Estate; 19. Duties to be paid on the Successor becoming entitled in possession; but in the Case of outstanding Interests, at the Determination thereof; 20. IV. Real Property. The Interest of a Successor in Real Property to be considered as an Annuity; 21. Rule for valuing Buildings, Houses, &c.; 22. Rule as to Timber; 23. Rule as to Advowsons; 24. Rule as to Property subject to beneficial Leases; 25. Rule as to Manors, Mines, &c.; 26. Duty payable by Corporations, &c. on taking Real Estate; 27. Allowance for Fines, &c. paid by Successor; 28. Real Property directed to be sold to be charged as Personalty; 29. V. Personal Property. Personal Property to be invested in Real Property, how to be charged; 30. Annuities under this Act and the Legacy Duty Acts to be valued according to the Tables annexed to this Act; 31. Provisions as to the Assessment of Personalty; 32. VI. Real and Personal Property. Allowance to Donee of general Power of Appointment; 33. What Allowance to be made for Incumbrances; 34. No Allowance to be made in respect of contingent Incumbrances, unless they take effect; 35. The Duty on Successions to be calculated without regard to Contingencies; 36. Provision for Allowance or Return of Duty; 37. Allowance to be made to Successor in respect of relinquished Property; 38. Power for Commissioners to compound Duties; 39. Power of Commissioners to receive Duty in advance; 40. Power for Commissioners to commute future Duties; 41. VII. Collection |