§ Where an interest in expectancy within the meaning of Part I. of the principal Act in any property has, before the thirtieth day of April, nineteen hundred and nine, 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 been 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 mortgagee.
§ Clause read a second time.
§ Mr. G. D. FABER moved to leave out the word "full" ["sold or mortgaged for full consideration"], and to insert instead thereof the word "valuable."
§ "Valuable" is a legal term, and I should have thought it would be better than to use the word "full." Perhaps the right hon. Gentleman will accept the Amendment.
§ Mr. LLOYD-GEORGE
All I can say is that this is a drafting point, and that we are following precedent in the use of the word "full." That is the reason why I do not like to accept the Amendment and depart from precedent, unless good reason could be shown for doing so. There is no other reason than that of following precedent for using the word "valuable."
Mr. G. D. FABER
It sounds strange to use the word "full," and I think the Solicitor-General will be in accord with me in saying that "full consideration" is not a legal term, but "valuable consideration" is. However, if the right hon. Gentleman says he is following precedent, I do not press my Amendment.
§ Amendment, by leave, withdrawn.
§ Mr. LLOYD-GEORGE moved, after Clause 49, to insert the following:—