§ The CHANCELLOR OF THE EXCHEQUER
presented a Bill "for granting to Her Majesty Duties on Succession to Property, and for altering certain provisions of the Acts charging Duties on Legacies and Shares of Personal Estate," and stated that he was desirous of removing some misapprehension which he feared might exist with regard to it, relating to a matter, indeed, of only secondary importance, so far as the principle of the measure was concerned, but still of considerable interest. He had stated, that in the case of a person succeeding to an encumbered estate, he would be charged with the succession duty upon the residue of the net income that would come to him after all deductions had been allowed, and after his encumbrances bad been allowed; but that, if he sold it, he would have to pay upon the whole amount of capital after he had liquidated his encumbrances out of the estate. In reference to this latter portion of the statement, he wished to say that it appeared to the Government to be better to abandon that altogether; and, consequently, any person having once paid his tax upon the net income of which he was in enjoyment, would be discharged from all liability in respect of it, whether he sold his estate or not.
§ Bill read 1°.
§ The House adjourned at half-after One o'clock till Thursday.