The Gazette 1909-10

The Gazette of the Incorporated Law Society of Ireland.

52

[DECEMBER, 1909

Galloway, 147; T. W. FitzGerald, 142; R. B. White, 140 ; J. G. Fottrell, 137 ; T. C. Franks, 135 ; A. Lloyd-Blood, 135 ; F. W. Meredith, 132; I. J. Rice, 126 ; C. Gamble, 125. And the following to form a supplemental list to fill vacancies :—A. V. Montgomery, 110; R. A. Walker, 99, E. R. Bate, 98. Upon the motion of Mr. C. St. G. Orpen, seconded by Sir George Roche, it was resolved that the May, 1910, Half-yearly General Meeting of the Society be held on Friday, 13th day of May. THE" PRESIDENT, in moving the adoption of the Annual Report of the Council, said :—Now, Gentlemen, I beg to move the adoption of the Annual Report. I assume that the report, which has been printed and circulated, has been read by you all, and, therefore, I will not trouble you and occupy your time by dealing with the very many matters that are set out and referred to in that report. But there are one or two matters upon which I should like to say a few words : And the first I would like to speak about— although it is not the first in the report— is the Finance Bill (hear, hear). As you are aware this Finance Bill contains very many clauses, and by the provisions of this Bill taxes are increased and fresh taxes are im posed. I do not think it would be fair or reasonable to take up your time by discussing these taxes—these increases and fresh taxes— which are clearly set out in the Bill, and which anyone can understand by reference to the Bill, and to the Bill alone. But besides these taxes and increases there are other provisions in the Bill which, if passed into law, would alter the incidence of taxa tion and would cause extra taxation on our country ; and these provisions it would be impossible for anyone to understand merely by referring to the Finance Bill as introduced. It would be necessary in some cases, in order to understand these provisions, to have technical knowledge of the subject, and in all instances to refer to the former Finance Acts and other Acts. Take, for example, the Death Duties. These duties are increased, and the scale of increase is clearly set out in the Bill and the schedule thereto. But there is another provision in the Bill which alters the incidence of taxation, and which you, gentlemen, members of my profession, will

at once see the importance of if you have not already considered it. Under this provision the existing basis of valuation of all tenant right holdings, of all agricultural holdings in this country will be altered. As the Bill was introduced there was no exception to this rule, and in order to make the meaning clear I will ask you to bear with me for a moment while I state what, of course, is known to you all, what that present basis is. You know that when anyone dies possessed of a holding, that when preparing the schedule of assets, that holding is taken, as valued on the basis of the Poor Law Valuation. If that Poor Law Valuation is less than the rent and the other outgoings, or does not exceed them, no duty is paid. Now, that is the present law, and although the Crown tried, I think, to get out of that after the passing of the Act of 1894, you will remember that our Irish Courts held in the case of the Attorney-General v. Robinson that that was the correct way to value these i holdings. But a provision is inserted in this j Bill which alters that basis completely, and substitutes therefor the market value of all these holdings. Now, speaking again to members of my profession with a knowledge of the practice, you know at once when you have fixed the market value the difficulties which your clients—the next-of-kin and those interested in the assets—will have to meet. They will have to get a valuation and try to show what is the market value. But, passing that—leaving aside these difficulties, you then find that all these holdings in respect of which no duty has heretofore been paid—all these would, as the Bill was originally intro duced, become liable to pay on the market value, and - that would mean an enormous increase in the amount of Ireland's annual contribution each year. This matter came before the Council, and they thought, and I think rightly thought, that this provision so inserted was not clearly understood, or that the effect of it was not clearly understood; and, con sequently, in July last they passed a resolution which, amongst other matters, dealt with that very point which I am now directing your attention to ; and this resolution containing an explanation with regard to that provision was forwarded to every member representing Ireland in the British Parliament, as well as, of course, the