Christie and Others v Lord Advocate    Estate duty – Assessment of duty – Settled property – Property passing on death – Cesser of
life-rent interest – Finance Act 1894 (c 30), ss 1, 2(1)(b), 7(5), (7).
A testator, who died in 1920, directed his trustees, inter alia, (i) to divide the balance of the
annual income of the residue of his trust estate into ten equal shares, and to pay five of these
shares to his widow, and one to each of his four daughters and his sister-in-law during their
respective lives; (ii) in the event of the death of any daughter leaving issue, to apply the share
of the income payable to her for the maintenance of such issue until the youngest attained the
age of 19, and thereafter to pay it in equal portions to such of them as were daughters during
their lives; and (iii) after the death of the testator’s widow, to pay no beneficiary more than
£600 per annum from the income of the trust.