Finance Act, 1919
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Part III. Death Duties. | ||
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Amended rates of estate duty. 4 & 5 Geo. 5. c. 10. 57 & 58 Vict. c. 30. |
29. The scale set out in the Third Schedule to this Act shall,in the case of persons dying after the commencement of this Act, be substituted for the scale set out in the First Schedule to the Finance Act, 1914, as the scale of rates of estate duty: | |
Provided that, where an interest in expectancy within the meaning of Part I. of the Finance Act, 1894 , in any property has, before the thirtieth day of April nineteen hundred and nineteen been bonâ 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 Part of this Act 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 mortgage. |