114 



LOCAL TAXATION 



all property real and personal, settled and unsettled (aggre- 

 gated so as to form one estate), passing on death. It is 

 graduated on the following scale : 



Principal value of the estate. 



Rate per cent. 



.. 1 



.. 2 



.. 3 



.. 4 



.. 4* 



.. 5 



6 

 6* 



. .. 8 



Interest at the rate of 3 per cent, per annum on Estate Duty 

 is also charged from the date of the death up to the date of the 

 delivery of the Inland Revenue affidavit or account or the ex- 

 piration of six months after the death, whichever first happens. 



(6) An additional "Settlement Estate Duty " payable 

 once only during the continuance of a settlement is 

 imposed at the rate of 1 per cent, on settled property passing 

 on death by will or settlement to some person not competent 

 to dispose of the property, except where the only life interest 

 is that of a wife or husband. 



(c) Where Estate Duty is paid, lineal ancestors and lineal 

 descendants are free from both Legacy and Succession 

 Duties. 



Where Succession Duties continue to be paid they are 

 assimilated to Legacy Duties, by the assessment of the duty 

 in the case of a succession to an interest of which the 

 successor is competent to dispose upon the principal value 

 of such interest instead of upon the capitalised value of an 

 annuity for the life of the successor, and by the charge of 

 interest upon instalments. 



Estates of 1000 or less, exclusive of property settled 

 otherwise than by the will of the deceased, are relieved from 

 Legacy, Succession and " Settlement Estate " Duties. With 

 these exceptions Legacy and Succession Duties remain as 

 before. 



(d) The husband or wife may be chargeable with duty on 

 all real estate devised to him or her, though they neither 

 were nor are liable to Succession Duty. 



(e) The Inland Revenue Commissioners are to ascertain 

 the value of any property for Estate Duty by any means 

 they may think fit. and the system of official valuation of 

 property is further established by the County Councils 

 being compelled to appoint valuers to act in cases of disputed 

 value. 



