Towns > Edinburgh > 1846-1975 - Post Office Edinburgh and Leith directory > 1900-1901

1032
STAMP DUTIES, ETC.
other than wife, husband, liDeal aucestor or Hneal
descendant of deceased, is to be an estate by it.-elf,
on which duty paj'aMe at proper graduated rate.
But if any benefit under a disposition not made by
deceased is reserved or given to wife, husbaud,
lineal ancestor, or lineal descendant of deceased,
such benefit to be aggregated for determining rate
of duty.
Small estates not exceeding £1000 7iet.— Where net
value of property, hei-it abh- and mo veable, exclusive
of property settled otherwise than by the will of
the deceased, does nnt.exceed £1000, such property
is not to be aggregated with any other property,
but is to form an estate by itself.
Settled Property — Seitlement Estate Duty.
Where property liable to duty is settled by will
of deceased, or having been settled by some other
disposition, passes under it on death of deceased
to some person not competent to dispose thereof, a
further duty, called settlement estate duty, is
payable on "the principal value, except where the
only life interest in such property after deceased's
death is that of the- I'usband or wife of deceased,
or where the di.sposition took effect before '2nd
August 1894. Property in which wife or husband
of deceased takes an estate of terce or courtesy,
or other like estate, is to be treated as property
settled by will of deceased.
Provided — («.) E^iate duty and settlement estate
duty are not payable twice under the same
settlement, unless deceased at his death was,
or at any time during continuance of settle-
ment-had been, competent to dispose of the
property ;
(b.) Where the interest of any person under the
settlement fails or determines by reason of
his death before it becomes an interest in
possession, and subsequent limitations under
the settlement continue to subsist, the property
is not deemed to. pass on his death ;
(c.) Ad valorem stamp duty on settlement may be
deducted from settlement estate duty;
(d) Settlement estate duty not payable where
lands or chattels are so settled by Act of
Parliament or royal grant that no one of
persons entitled in succession can alienate
the same ;
(e.) Settled property does not include property
held under entail.
Persons Liable — How Payable.
Executor or Infromitter — Inventory. — Every per-
son who, as executor, nearest of kin, creditor, or
otherwise, intromiis with, or enters upon the
pos,-<essi()n or management of, any personal pro-
perty wheresoever situate of which deceased, at
his death, was competent to dispuse, is to pay thn
duty thereon, on exiiibiting and recording in the
proper Sheriff ''onrt, witldn six months of the
death, an inventory (or additional or corrective
inventory) nf deceased's estate, and may pay, in
like mwnner, the duty on any other property
passing on such death, which, by virtue of any
testamentary disposition of the deceased, is under
his control, or in the case of prot)eriy not under
his control, if the persons accountable for the
duty 'hereon request hiui to make such payment.
He may state on inventory that he does not know
amount or value of i-ertain property wliirh passed
on the death, and undertake as soon as ascertained,
to ptiy duty therenn, and any further duty pay-
able by reason thereof on the other property in the
inventory
Other persons liable. — Where executf r not liable
for duty, every person to whom any property
passes for any beneficial interest in possession,
and also, to the extent of the property actually
received or disposed of by him, every trustee,
tutor, curator, judicial factor, or other person in
whom any interest in the property, or the manage-
ment thereof, is at any time vested, and every
person, in whom tlie same is vested in possession
by alienation or otiier derivative title, is liable
therefor, excepting one who acts merely as agent
for another in the management.
Value^Deductions — Repayment.
The principal value of property is the price
which, in the opinion of the commissioners, it
wo til d fetch if sold in the open market at the time
of deceased's death. The value is to be ascertained
by the commissioners in such manner, and by such
means, as they think fit.
Debts and Funeral Expenses. —Allowance
against the gross principal value is made for
reasonable funeral expenses, and for debts and
incumbrances (including debts secured on heritage)
incurred or created by the deceased bond fide for
full consideration in money or money's worth,
wholly for his own use or benefit, and taking
effect out of his interest.
No allowance can be made for any debt in
respect whereof there is a right to reimbursement
from any other estate or person, unless such re-
imbursement cannot be obtained.
When Due — Additional Duty — Interest.
Due. — The duty which is to be collected on an
inventory or account is due on the delivery thereof,
or at the expiration of six months from the death,
whichever first happens.
Income. — Every estate is to include all income
accrued upon the property down to the date of
deceased's death.
Additional duty — Duty is, in the first instance,
calculated at the appropriate rate according to the
value of the estate, as set forth in inventory or
account, but if afterwards it appears that for any
reason tco little duty has been paid, the additional
duty is payatile, and is treated as duty in arrear,
unless a certificate of discharge delivered.
Heritable estate. — The duty upon an account of
heritable property may. at the option of the person
delivering the account, be paid by eight equal
yearly insiahnents or sixteen half-yearly instal-
ments, with interest at the rate of 3 per cent,
from the date at which the first instalment is
due, and the first instalment is to be due at
the expiration of twelve months from the death,
and the interest on the unpaid portion of the duty
is to be added to each instalment and paid accord-
ingly; but the duty for the time being unpaid,
with such interest to the date of payment, may be
paid at any time, and, in case the property is sold,
is to be paid on completion of the sale, and if not
so paid, is to be duty in arrear.
Interest. — Interest at the rate of 3 per cent, per
annum is payable on estate duty trom the date
when the duty is due, or if the duty is payable by
instalments from the date when the first instal-
ment is due.
Small estates. — Interest is not charged on fixed
duties of 3Us. or 50s. if paid within twelve months
of death.
Payment postponed — Commissioners, when satis-
fled that duty on any property cannot, withimt
excessive sacrifice, be raised at once, may postpone
payment for such period, to such extent, and on
payment of such interest, not exceeding 4 per
cent, or any higher interest yielded by the pro-
perty, and on such terms as they think fit.