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11 1928



Death Duties.

Repeal of section 16 of the Finance Act, 1907.

30. —(1) Section 16 (which relates to the abolition of limited aggregation of certain settled property) of the Finance Act, 1907, is hereby repealed so far as relates to persons dying after the passing of this Act.

(2) Where an interest in expectancy within the meaning of Part I. of the Finance Act, 1894, in any property has before the 25th day of April, 1928, 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 section had not 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.