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Settlement

duty, charged, valorem, security, ad and money

SETTLEMENT. Any instrument, whether voluntary or upon any good or valuable consideration, other than a bold; fide pecuni ary consideration, whereby any definite and certain principal sum of money (whether charged or chargeable on lands or other hereditaments or heritable sub jects, or not, or to be laid out in the purchase of lands or other hereditaments or heritable sub jects or not), or any definite and certain amount of stock, or any security, is settled or agreed to be settled in any manner what soever : For every -£100, and also for any fractional part of s. d.

of the amount or value of the property settled or agreed to he settled . . 0 5 0 (I rhere any instru »2C nt is chargeable both as a convey ance operating as a voluntary disposition inter vivos under Section 74 of the Finance (1909-10)Act, 1910, and as a settlement, it shall be charged with ditty as a con veyance in accordance with that Section. See CONVEY ANCE.) • Exemption.

Instrument of appointment relating to any property in favour of persons specially named or described as the objects of a power of ap pointment, where duty has been duly paid in respect of the same property upon the settlement creating the power or the grant of repre sentation of any will or testamentary instrument creating the power.

And see Sections 104, 105, and 106.

As to Settlement of Policy or Security.

"104. (1) Where any money which may become due or payable upon any policy of life insurance, or upon any security not being a marketable security, is settled or agreed to be settled, the instrument whereby the settlement is made or agreed to be made is to be charged with ad valorem duty in respect of that money.

" (2) Provided as follows : " (a) Where, in the case of a policy, no provision is made for keeping up the policy, the ad valorem clutv is to be charged only on the value of the policy at the date of the instrument : " (b) If in any such case the instru ment contains a statement of the s lid value, and is stamped in accordance with the statement, it is, so far as regards the policy, to be deemed duly stamped, unless or until it is shown that the statement is untrue, and that the instrument is in fact insufficiently stamped.

Settlements when not to be Charged as Securities.

" 105. An instrument chargeable with ad valorem duty as a settlement in respect of any money, stock, or security is not to be charged with any further duty by reason of containing provision for the payment or transfer of the money, stock, or security, or by reason of containing, where the money, stock, or security is in reversion or is not paid or transferred upon the execution of the instrument, provision for the payment, by the person entitled in possession to the interest or dividends of the money, stock, or security, during the continuance of such possession, of any annuity or yearly sum not exceeding interest at the rate of four pounds per centum per annum upon the amount or value of the money, stock, or security.

Where several Instruments one only to be Charged with Ad Valorem Duty.

"106. (1) Where several instruments are executed for effecting the settlement of the same property, and the ad valorem duty chargeable in respect of the settlement of the property exceeds ten shillings, one only of the instruments is to be charged with the ad valorem duty.

" (2) Where a settlement is made in pur suance of a previous agreement upon which ad valorem settlement duty exceeding ten shillings has been paid in respect of any property, the settlement is not to be charged with ad valorem duty in respect of the same property.

" (3) In each of the aforesaid cases the instruments not chargeable with ad valorem. duty are to be charged with the duty of ten shillings."