NOTE ON THE DEATH DUTIES AS AFFECTING WOODLANDS. I 35 



;;^5oo,ooo now pays at the rate of 12 per cent. An estate of 

 ;;^i,ooo,ooo formerly paid 10 per cent., whereas it will now pay 



14 per cent. An estate over ^1,000,000 pays at the rate of 



15 per cent, on the full amount. Such an estate formerly paid 

 10 per cent, up to ^1,000,000 and 15 per cent, on the remainder. 



Succession Duty. 



As regards Succession duty (1853 Act), where the successor 

 is competent to dispose of the heritable property comprised in 

 his succession, the principal value is ascertained in the same 

 way as for estate duty, with the further deduction of estate duty 

 paid in respect of the property on the death of the predecessor 

 and the expenses incurred in raising and paying the same. 



Where the successor is not competent to dispose of the 

 heritable property, his interest is considered to be the value of 

 an annuity equal to the annual value of such property after 

 making certain allowances. Every such annuity is, for the 

 purposes of the Act, valued according to tables annexed to the 

 Act. But before making any assessment of succession duty in 

 respect of timber sales, he is given credit for any sum paid by 

 him in name of succession duty on the woodland. 



A person is deemed competent to dispose of property if he has 

 such an estate or interest therein, or such general power, as would, 

 if he were sui juris, enable him to dispose of the property, 

 including a tenant in tail, whether in possession or not ; and the 

 expression "general power" includes every power or authority 

 enabling the donee or other holder thereof to appoint or dispose 

 of property as he thinks fit. 



According to the new Finance Act (Subsection 5 of Section 61, 

 partly quoted above), succession duty payable in respect of 

 woodlands is to be paid in the same way as estate duty under 

 that section. 



Succession duty has also been materially increased. Successions 

 that formerly paid 3 per cent, now pay 5 per cent., and those that 

 paid 5 per cent, or 6 per cent, now pay 10 per cent. Formerly, 

 where an estate had already paid estate duty, children and their 

 descendants, or father or mother, or lineal ancestors, paid no 

 succession duty, but where the value of the estate now amounts 

 to ;^i 5,000, duty at the rate of i per cent, is chargeable against 

 such successors, unless the succession, including any legacies 

 from the same source, does not exceed ^1000, or in the case of 



