Section 2. This Section contains columns Nos. 1, 2, and 3. If the first instalment of duty has been paid when due, and it be desired to discharge the remaining instalments, then the discount will be found in column No. 1; but if payment has been delayed, and it be wished to pay up the whole of the instalments, then the discount will be found in the 3rd column, the principle of the table being that interest on the overdue instalment is deducted from the discount allowable on the amount paid in advance. By the preceding Section it will be seen that at two and a-half years after death, if the instalments had not been paid as they became due, the discount arrives at what we shall call the vanishing point. But assuming the instalments to have been punctually discharged, discount may be deducted up to the end of the four years, and this Section will show the proportion. Explanation.-One example here of the application of this and the next Table will suffice. Assume the instalments to have been paid when due, and at two years and two months after death it be desired to discharge all the unpaid duty, a reference to Section 2 will show that the discount amounts to £2, 13s. 4d., or 2 per cent. All the calculations can be made by aliquot parts. Now, suppose the whole duty-not the instalment only then due to be £97, 10s. 6d., the calculation may be made as follows, or the aliquot parts may be used in such way as the calculator may deem most convenient : Proof by ordinary method: Ten months interest on one instal- TABLE VII. £0 16 3 1 15 9 £2 12 0 SHOWING THE DISCOUNT TO BE ALLOWED ON SUCCESSION DUTY WHEN Section 2. The ntroductory note to Section 2 of the Annuity Discount Table equally applies to this. See introductory note to Section 3 of the Annuity Discount Table. XXXVII.-16 & 17 Vict. c. 59.-[4th August, 1853.](a) CHARGES (§ 8) additional inventories with additional duty only. XXXVIII. 22 & 23 Vict. c. 36.-[13th August, 1859.](b) EXTENDS (1) the graduated scales of inventory duty. XXXIX. 23 Vict. c. 5.-[23rd March, 1860.] MAKES (§ 1) enfaced Indian Government securities bona notabilia in England and Scotland. XL.-23 Vict. c. 15.-[3rd April, 1860.] CHARGES (4, 5, 6) inventory duty upon personal property appointed under a power, and upon heritable securities in Scotland. The application of § 6 of this Act repealed as regards England by § 9 of the Act to be here next noticed. XLI. 23 & 24 Vict. c. 80.-[6th August, 1860.](c) PROVIDES to the following effect :— That (1) money secured on heritable property in Scotland and Scottish bonds excluding executors shall be liable to inventory duty. That (§ 2) the duty and interest thereon shall be payable by the person who takes the secured money. That (§ 3) a stamped special inventory of such money shall be lodged within six months at the Inland Revenue Office in Edinburgh. That (4) such money may be added to the inventory of the (a) The whole of this Act repealed by 33 & 34 Vict. c. 99 (1870), except §§ 8, 17, 19, and 20; and also § 20, so far as it contains any enactment thereby repealed. (b) § 2 of this Act repealed by 38 & 39 Vict. c. 96 (1875). (c) § 9 of this Act repealed by 38 & 39 Vict. c. 96 (1875). personal or moveable estate, and that the duty paid on the aggregate amount shall be ultimately borne by the parties according to their beneficial interest. That (§ 5) the property for payment of the inventory duty shall be valued as at the date of the affidavit to the inventory. That (6) the Commissioners of Inland Revenue may grant a return of duty within three years if satisfied a return should be made. That (7) intromitters shall be held to have taken the money secured. That (8) money secured on land by absolute conveyance or by adjudication or otherwise shall fall under the provisions of the Act. That (§ 9) § 6 of 23 Vict. c. 15 be repealed as regards England and Ireland. The Act gives a form of "Special Inventory." XLII. 24 & 25 Vict. c. 92.-[28th June, 1861.] PREVENTS (3) a return of inventory duty in respect of "any voluntary debt due from any person dying after 28th June, 1861, which shall be expressed to be payable on the death of such person, or payable under any instrument which shall not have been bonâ fide delivered to the donee thereof three months before the death of such person." XLIII.-27 & 28 Vict. c. 56.-[29th July, 1864.](d) DECLARES (S$ 4 and 5) the liability of British ships at sea to inventory duty; and exempts from stamp duty where the estate and effects do not exceed £100. XLIV.—31 & 32 Vict. c. 124.-[31st July, 1868.](e) PROVIDES (SS 7 and 8) for mortgage debts on leasehold estates in England or Ireland; and (§ 9) for interest at 4 per cent. being paid on arrears of legacy and succession duties. (d) §§ 2, 3, 16, and 17 of this Act repealed by 33 & 34 Vict. c. 99 (1870); and § 6, so far as it relates to dealers in plate; also § 9, and practically § 10, repealed by 38 & 39 Vict. c. 96 (1875). (e) §§ 10, 11, and 12 repealed by 33 & 34 Vict. c. 99 (1870). |