Finance Act, 1941


Death Duties.

Definitions in respect of this Part of this Act.

27.—In this Part of this Act—

the word “disposition” includes any trust, covenant, agreement, or arrangement, whether made by a single operation or by associated operations;

the word “annuity” includes any series of payments, whether inter-connected or not so connected and whether of the same or of varying amounts and whether payable at regular intervals or not so payable;

references to an annuity or other interest limited to cease on a death shall be construed as also referring to an annuity or other interest subject to a limitation (in whatsoever form) having the effect of providing in the alternative for the cesser of such annuity or interest on a death or on the occurence of some event or expiration of some period before such death;

the expression “associated operations” means operations (whether effected by the same person or by different persons and whether connected otherwise than as hereinafter mentioned or not so connected and whether contemporaneous or not contemporaneous) which are—

(a) operations affecting the same property, or

(b) operations one of which affects some property and the other or others of which affect property representing (directly or indirectly) that property or income arising from that property or accumulations of such income, or

(c) two operations of which one is effected with reference to the other or with a view to enabling such other to be effected or to facilitating the effecting of such other and any third operation having a like relation to either of the said two operations, and any fourth operation having a like relation to any of those three operations, and so on;

the word “payment” includes a transfer of property and also a set-off or release of an obligation;

references to the amount of a payment shall be construed as including references to the value of property transferred and to the value of an obligation set-off or released.