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money to a trustee for him. By her will she devised. the estate, but did not dispose of her personal estate; and it was held by Sir L. Shadwell, V.-C. E., that the money was subject to legacy and probate duty.

Book Debts ....

£ s. d.

In Moses v. Crafter (4 Carr. & Pay, 524), Lord Tenterden, C.J., ruled that desperate and doubtful debts need not be included in calculating the amount of probate duty, and that an executor had a right to exercise his judgment fairly and bona fide, whether a debt is doubtful or bad.

Bonds and Bills

Notes

Interest thereon to date of Grant

Real Estate contracted, in lifetime of Deceased, to be sold

£ s. d.

The leading authority in support of this requirement is the decision in the case of Attorney-General v. Brunning (8 Ho. Lds. Cas. 243), in which a testator, by a valid contract in his lifetime, agreed to sell a freehold estate, and received a deposit of part of the purchasemoney, the remainder of which was paid to his executor after his death.

In the case case of Matson v. Swift (8 Beav. 368), in which it had been previously decided that no probate duty was payable, the deed which was relied on as producing the effect of conversion was a voluntary deed of the testator, which remained subject to his directions, and which had in fact never been acted on. His equitable interest in land did not constitute personal estate, although he may so have dealt with the land that he could receive the benefit of it only in the shape of money by means of a conversion to be made under the

authority of this Court, in the execution of trusts which he had created.

Attention is called to the fact that where the option of purchase under a lease of real estate is exercised by the lessee at any time after the lessor's death, the property is to be regarded as converted from the date of the lease, and the purchase-money must be dealt with as liable to probate duty under this head as part of the lessor's personal estate. See Collingwood v. Row (5 W. R. 484).

Personal Estate left by the Will under some authority enabling the Testator to dispose of the same as

he or she may think fit

£ s. d.

Under the provisions of the 23 & 24 Vict. c. 15, ss. 4 and 5, which apply to wills of persons dying after the 3rd April, 1860, before which date probate and inventory duty were not payable in respect of such property, as was decided in the case of Platt v. Routh (6 M. & W. 756).

Proprietary Shares or Debentures of Public Companies, viz. :

Dividends or Interest thereon to date of Grant

£ s. d.

Care should be taken not to account for property of this description when it is real estate-as, for example, "shares in the New River Company," and "shares in the Aire and Calder Canal."

It has been decided, in The Attorney-General v. Jones (1 McN. & Gor. 574), that the profits arising from the tolls of a lighthouse are real and not personal estate, and consequently not liable to probate duty.

Goodwill, Stock-in-Trade, Farming Stock, Implements of Husbandry, valued at

£ s. d.

Tenant right in Ireland should be included under this item.

The value at the date of grant of growing crops on land farmed by deceased, and moneys received from sale thereof before the dates of grant must not be omitted.

The note under the head of "Household Goods" as to value applies here also.

Other Personal Property not comprised under the foregoing heads, viz. :—

£ s. d.

The interest of a deceased under a will or other instrument in real estate thereby directed to be sold is for the purpose of probate duty to be considered as money, although the real estate still remains unsold. See Attorney-General v. Lomas (L. R. 9 Ex. 29).

Under this item partnership property should be included.

The value of the interest of a deceased partner is the amount which his representatives are entitled to recover from the surviving partner, and is to be ascertained by a balance-sheet. The locality of the partnership assets is of no importance, provided that the surviving partner is within the jurisdiction of the Court. Partnership real estate is to be dealt with in the same manner as other partnership assets, for real estate bought or acquired by a partnership for partnership purposes (in the absence of some controlling agreement or direction to the contrary, as in the case of Custance v. Bradshaw, 4 Hare, 315) is, as between the partners, and as between the real and personal representatives of a partner deceased, personal property, and devolves and is distributable and applicable as personal estate and as legal assets. See Forbes v. Steven (L. R. 10 Eq. 178);

Waterer v. Waterer (L. R. 15 Eq. 402); Cooper v. Cooper (26 W. R. 785).

Reversionary property, whether absolute or contingent, is liable to probate duty; and if it is not specified and valued at its true and proper value in the inventory or account at the time when the original grant of representation is obtained, the value thereof as actually realised, with the proceeds and interest accruing thereon up to the date of making an additional affidavit or giving up an additional inventory, must subsequently be accounted for. See Lord v. Colvin (L. R. 3 Eq.737). No "nominal" valuation is sufficient. See Lord-Advocate v. Pringle (Sco. Law Rep. vol. 15, p. 624).

The interest of a child who predeceases his father under his father's will is to be included as part of the child's estate (see 1 Vict. c. 26, s. 33), which prevents the lapsing of a gift by a father to a child who dies in the lifetime of the father leaving issue.

In Perry's Executors v. The Queen (L. R. 4 Ex. 27) the executors of the son's will claimed a return of the duty paid under these circumstances, and the claim was rejected. But property bequeathed to the executors or personal representatives of a deceased person, to be applied as part of his personal estate, is not to be included as part of his personal estate. See Long v. Watkinson (17 Beav. 474).

Estates pur autre vie, applicable by law in the same manner as personal estate, appear not to be chargeable with probate duty, although liable to legacy duty. See Chatfield v. Berchtoldt (L. R. 7 Ch. App. 192.)

NOTE-If it be intended that the grant shall cover personal property in Scotland or Ireland, separate accounts applicable to such property locally situate

in Scotland or Ireland must be used and attached thereto.

As to heritable bonds, see p. 5.

Return of Duty.

The case of probate duty and inventory duty overpaid by mistake will be found sufficiently dealt with in the Regulations, printed at Chapter IV.

The case of probate duty and inventory duty repayable on the ground of debts (see 5 & 6 Vict. c. 79, s. 23), is also met by printed Regulations, at Chapter IV.; but some further remarks are necessary.

The terms of the section exclude funeral and testamentary expenses from the debts in respect of which a return can be applied for.

The debts must be "due and owing by the deceased, and payable by law out of his personal or movable estate," and must be so paid to entitle the executors to a return. The direction of a testator upon the subject does not affect the question (see Percival & Executors v. The Queen, 3 Hurlst. & Colt. 217) where a testator directed a sale of his real and personal property, and instructed his executors to pay out of the proceeds, inter alia, his debts and legacies. The executors, however, did not sell the real estate, but paid the debts solely out of the personal estate, and it was held that they were entitled to a return of the full amount of the duty representing the debts paid, and not to an apportionment.

Where two probates have been granted by two Ecclesiastical Courts of the same will, if a return is demanded on account of debts, the debts must be apportioned according to the amount of the property in the respective jurisdictions. The case of The Queen v.

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