DEATH DUTIES ON WOODS. 37 



payable on the net moneys (if any) after deducting all 

 necessary outgoings since the death of the deceased, which 

 may from time to time be received from the sale of timber, 

 trees, or wood when felled or cut during the period which 

 may elapse until the land, on the death of some other 

 person, again becomes liable or would but for this sub- 

 section have become liable to Estate Duty, and the owners 

 or trustees of such land shall account for and pay the 

 same accordingly as and when such moneys are received, 

 with interest at the rate of three per cent, per annum from 

 the date when such moneys are received. 



" This section shall take effect in substitution for the 

 first paragraph of Subsection five of Section sixty-one of 

 the Finance (1909-10) Act, 19 10, and that paragraph and 

 Section nineteen of the Finance Act, 191 1, are hereby 

 repealed." 

 The remaining paragraphs of Subsection 5 of Section 61 of 

 the 1910 Act which are still in force, are as follows : — 



" Provided that if at any time the timber, trees, or 

 wood are sold, either with or apart from the land on which 

 they are growing, the amount of Estate Duty on the 

 principal value thereof which, but for this subsection, would 

 have been payable on the death of the deceased, after 

 deducting the amount (if any) of Estate Duty paid in 

 respect of the timber, trees, or wood under this subsection 

 since that date, shall become payable. 



"This subsection shall apply to Succession Duty 



payable in respect of woodlands in like manner as it applies 



to Estate Duty, except that nothing in this subsection shall 



affect the rate of Succession Duty." 



The rate of succession duty is not regulated by the amount of 



the estate, but by "the degree of consanguinity existing between 



the predecessor and the successor." 



It will be seen from the foregoing that the main principle of 

 the 1 9 10 Act has been maintained in the present Act, namely, 

 that death duties on the woods are not payable on the death of 

 the owner, but only as the trees are cut down and converted into 

 cash. The proviso is also maintained that where the land with 

 the woods, or the woods .as a whole without the land, are sold, 

 the whole duty due on the "principal value" of the woods 

 becomes payable under deduction of any duty paid between the 



