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Duty on succession to real property chargeable as annuity, how to be paid.
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22.—(1) The duty chargeable on the interest of a successor in real property, considered as an annuity in conformity with section twenty-one of the Succession Duty Act, 1853, shall, where the successor has become entitled to his succession upon the death of any person dying on or after the first day of July one thousand eight hundred and eighty-eight, be paid as follows:—
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(a) by eight equal half-yearly instalments, according to the provisions of the said section; or, at the option of the successor,
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(b) by two equal moieties, whereof the first moiety shall be paid by four equal yearly instalments, the first of such instalments to be paid at the expiration of twelve months next after the successor shall have become entitled to the beneficial enjoyment of the real property in respect whereof the same shall be payable, and the three following instalments at yearly intervals to be computed from the day on which the first instalment shall have become payable; and the second moiety shall be paid on the day for payment of the last instalment of the first moiety, or, if not so paid, shall be payable by four equal yearly instalments, with interest at the rate of four pounds per centum per annum from such last-mentioned day on so much of the second moiety as shall for the time being remain unpaid, the first of such instalments, with the interest, to be paid at the expiration of twelve months from that day.
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(2) In the event of a successor availing himself of the option given to him by this section, he shall be entitled to tender the duty in advance, and receive discount thereon at such rate and subject to such regulations in all respects as the Treasury may prescribe.
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(3) In the event of the successor availing himself of the option given to him by this section, and dying before all the duty with the interest (if any) shall have been fully paid, then the unpaid part of the duty with the interest (if any) shall,—
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(a) where the successor shall have been competent to dispose by will of a continuing interest in such property, be a continuing charge on such interest, in exoneration of his other property, and shall be payable by the owner for the time being of such interest; and
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(b) where the successor shall not have been so competent, be a debt due to Her Majesty, and payable out of his estate, either in advance under the provision in this section in that behalf, or at the same time or times and in the same manner as the amount unpaid would have been payable by him if he had not died; provided that if the death of the successor shall have happened before the day for payment of the last instalment of the first moiety of duty, the debt shall be reduced by so much as would have ceased to be payable if the duty had been payable by eight half-yearly instalments under section twenty-one of the Succession Duty Act, 1853.
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[Sub-s. (4) rep. 8 Edw. 7. c. 49 (S.L.R.).]
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