Finance Act, 1894


45 & 46 Vict. c. 38.

45 & 46 Vict. c. 38.

22. (1) In this Part of this Act, unless the context otherwise requires:—

(a) The expressions “deceased person” and “the deceased” mean a person dying after the commencement of this Part of this Act:

(b) The expression “will” includes any testamentary instrument:

(c) The expression “representation” means probate of a will or letters of administration:

(d) The expression “executor” means the executor or administrator of a deceased person, and includes, as regards any obligation under this Part of this Act, any person who takes possession of or intermeddles with the personal property of a deceased person:

(e) The expression “Estate duty” means Estate duty under this Act:

(f) The expression “property” includes real property and personal property and the proceeds of sale thereof respectively and any money or investment for the time being representing the proceeds of sale:

(g) The expression “agricultural property” means agricultural land pasture and woodland, and also includes such cottages, farm buildings, farm houses, and mansion houses (together with the lands occupied therewith) as are of a character appropriate to the property:

(h) The expression “settled property” means property comprised in a settlement:

(i) The expression “settlement means any instrument, whether relating to real property or personal property, which is a settlement within the meaning of section two of the Settled Land Act, 1882, or if it related to real property would be a settlement within the meaning of that section, and includes a settlement effected by a parol trust:

(j) The expression “interest in expectancy” includes an estate in remainder or reversion and every other future interest whether vested or contingent, but does not include reversions expectant upon the determination of leases:

(k) The expression “incumbrances” includes mortgages and terminable charges:

(l) The expression “property passing on the death” includes property passing either immediately on the death or after any interval, either certainly or contingently, and either originally or by way of substitutive limitation, and the expression “on the death” includes “at a period ascertainable only by reference to the death”:

(m) The expression “the Commissioners” means the Commissioners of Inland Revenue:

(n) The expression “Inland Revenue affidavit” means an affidavit made under the enactments specified in the Second Schedule to this Act with the account and schedule annexed thereto:

(o)The expression “prescribed” means prescribed by the Commissioners.

(2) For the purposes of this Part of this Act—

(a) A person shall be deemed competent to dispose of property if he has such an estate or interest therein or such general power as would, if he were sui juris, enable him to dispose of the property, including a tenant in tail whether in possession or not; and the expression “general power’ includes every power or authority enabling the donee or other holder thereof to appoint or dispose of property as he thinks fit, whether exerciseable by instrument inter vivos or by will, or both, but exclusive of any power exerciseable in a fiduciary capacity under a disposition not made by himself, or exerciseable as tenant for life under the Settled Land Act, 1882, or as mortagee:

(b) A disposition taking effect out of the interest of the deceased person shall be deemed to have been made by him, whether the concurrence of any other person was or was not required:

(c) Money which a person has a general power to charge on property shall be deemed to be property of which he has power to dispose.

(3) This Part of this Act shall apply to property in which the wife or husband of the deceased takes an estate in dower or by the courtesy or any other like estate, in like manner as it applies to property settled by the will of the deceased.

Application to Scotland.