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35 1926



Death Duties.

Increase of rates of estate duty.

28. —(1) Subject to the provisions of this section, the scale set out in the Fourth Schedule to this Act shall, in the case of persons dying on or after the date of the passing of this Act, be substituted for the scale set out in the Second Schedule to the Finance Act, 1924 (No. 27 of 1924), as the scale of rates of estate duty.

(2) Where an interest in expectancy within the meaning of Part I of the Finance Act, 1894, in any property has before the 21st day of April, 1926, been bona fide sold or mortgaged for full consideration in money or money's worth, then no other duty on that property shall be payable by the purchaser or mortgagee when the interest falls into possession than would have been payable if this Act had not been passed, and in the case of a mortgage any higher duty payable by the mortgagor shall rank as a charge subsequent to that of the mortgagee.

Date on which succession arises for succession duty purposes.

29. —For the purposes of section 18 of the Finance Act, 1894, and of section 58 of the Finance (1909-10) Act, 1910, a succession shall be deemed to arise on the happening of the death by reason of which the successor, or any person in his right or on his behalf, becomes entitled in possession to the succession or to the receipt of the income or profits thereof.