TWELVE MONTHS, THE PROVISIONS WITH REGARD TO DISCOUNT SHALL NOT APPLY," And by section 6 (8), the estate duty " due upon an account of real property may . . . be paid by eight equal yearly instalments, or sixteen half-yearly instalments ll Estimation of value of succession, 4-c.—By the Finance Act, 1894, sec. 18 (1), the value for the purpose of succession duty of a succession to real property arising on the death of a person dying after the 1st August 1894, where the successor is competent to dispose of the property, is the principal value of the property, after deducting the estate duty payable in respect thereof on the said death and the expenses, if any, properly incurred, of raising am' paying the same. By sec. 22 (2; (a) a person is deemed " competent to dispose ' of property if he has such an estate or interest therein, or such general power .ts would, if he were sui jut* enable him to dispose of the property, including a tenant in tail whether ir. possession or not. 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, whether exercisable by instrument inter vivos or by will or both. . . . I3y sec. 18 (2), embodying sec. 7 (5), the " principal value " of any property is estimated to be the price which, in the opinion of the commissioners, such property would fetch if sold in the open market at the time of the death of the deceased ; but in the case of any agricultural property, where no part of the principal value is due to the expectation of an increased income from such property, the principal value must not exceed twenty-five times the annual value as assessed under schedule A of the Income Tax Acts, after making such deduo tions as have not been allowed in that assessment and are allowed under the Sue cession Duty Act, 1853, and making a deduction for expenses of management not exceeding 5 per cent. of the annual value so assessed. By sec. 22 (1) (g), the
expression " agricultural property " means agricultural land, pasture and wood land, and also includes such cottages, farm buildings, farm houses and mansion houses (together with the lands occupied therewith) as are of a character appropriate to the property.
Comnzutation.—Applications to commute succession duty presumptively payable upon future events in respect of real property should be made in writing to the Secretary, Estate Duty Office, Somerset House, London, VV.C. In general, an application to commute can only be agreed to when the property is being sold or mortgaged. The reason for the application should be stated, together with the gross amount of the sale money or loan, the full particulars of the property and of the title and the names and dates of birth of the tenants for life and in remainder.
See DEATH DUTIES ; ESTATE DUTY ; LEGACY DUTY.