The Gazette 1952-1955

necessity of facilitating the legal profession in the extraction of grants of probate or administration with the minimum of delay. The valuation of unquoted shares not infrequently requires a great amount of consideration, and it is consequently very often difficult to dispose of it without a certain amount of delay. The Commissioners do not object to accepting provisional valuations of such shares in the first instance, and to leaving the final valuation over until after the grant has issued, but they consider that any provisional valuation suggested to them should be a figure related to the company’s earnings and capital position, and that par valuation should not be submitted as a matter o f course, unless it is intended to maintain that the value for Estate Duty does not, in fact, exceed that amount. It is particularly desirable that agreement as to values should be arrived at in the first instance, in cases where there is not a large amount o f duty involved. In the larger estates, a provisional valuation will be accepted, but the Commissioners are not prepared to bind themselves to make an assessment on any figure that may be submitted to them, without taking any account o f the actualities of the situation.” CURRENT LEGAL LITERATURE Appeal from Administrative Tribunal by Declara­ tion : “ Bernard v. National Dock Labour Board ” (I.L .T . 9 May, 1953). Accession to the Crown—Law of—(Farran)— [Mod.L.R., April, 1953]. Cave Canem—(I.L .T ., 25th April and 2nd May, 1953 )- Citation of Unreported Authorities (I.L.T ., 9th May, 1953 )* Company Transmission of Shares—“ Morgan v. G ra y ” (L .T ., 1st May, 1953). Conditions and Warranties in the Sale of Good, Acts—II—(Stoljar)— [Mod. L .R ., April, 1953]. Dispute between Husband and Wife : Declaration o f Trust (L .T ., 2nd April, 1953). Duty to give Reasons for Decision—“ Sullivan v. Sullivan” (1947) P.—(L .T ., 15th May, 1953). Estate Duty and Settlements : “ Re Chapman’s Settlement” —L .T ., 17th April, 1953. Estoppel by Election : “ Rosenfeld v. Newman ” (L .T ., 1 8th April, 195 3)- Failure to call Witness (I.L .T ., 9th May, 1953). Hire Purchase Act—Warranty of Fitness : “ Dunphy v. Blackhall Motor Co.” (I.L .T ., 9th May, 1953). Inconsistencies and Injustices in the Law of Hus­ band and Wife (Kahn-Freund) (Mod. L .R ., April, T 953 )- 9

dum submitted by the Council which was printed in the April issue o f the Society’s Gazette :— 5th May, 1953. “ I am directed by the Revenue Commissioners to refer to your letter of the 1 6th March, 1953 (Reference S/i 53) regarding the stamp duty : (1) on conveyances of property to persons promoting companies, followed by convey­ ances from those persons to the companies when formed, and, (2) on conveyances of property to charities and religious communities. With regard to the instruments mentioned at (1) above, I am to say that where each conveyance is tantamount to a completed conveyance on sale or voluntary disposition inter vivos the Commissioners cannot accept the contention that ad valorem duty should be paid on one of the instruments only. It will be borne in mind that in these cases there appears to be no legal obligation on the company to take a conveyance o f property from the promoters merely because the promoters have acquired the property with the intention of vesting it in the company when formed. In all the circumstances the Commissioners are o f opinion that no further relief should be provided in the matter beyond that contained in subsections (4) and (5) o f Section 58 of the Stamp Act, 1891. If, in any instance, the conveyance to the company is not by way of sale or voluntary disposition inter vivos the instrument will not attract ad valorem convey nee duty and will normally be chargeable with the fixed duty o f ten shillings only. With regard to the instruments mentioned at (2) above, I am to say that since the 25 per cent, rate o f stamp duty was imposed no case has come to notice where duty was chargeable at that rate on a (onveyance or transfer to a charity or a religious community. In the absence o f concrete evidence that a liability to the duty is arising in practice in these cases, the Commissioners do not feel that they are in a position to consider what amendments of the law, if any, would be desirable or feasible in the matter.” DEATH DUTIES—VALUATION OF UNQUOTED SHARES IN PRIVATE COMPANIES T he following letter has been received from the Revenue Commissioners, Estate Duty Branch :— 1 6th April, 1953. “ I am directed by the Revenue Commissioners to acknowledge receipt o f your letter of the 10th instant, and to say that they fully appreciate the