LIFE POSSESSION, ETC.

Taranaki Herald, Volume LIV, Issue 13480, 20 July 1907, Page 5

LIFE POSSESSION, ETC.

Tho owner of any life estate in possession, or of any other freehold estate in possession Jess than the fee simple, shall be deemed for the purposes of this Act to be the owner of the fee simple and shall be assessed and liable ' for graduated land tax accordingly. No person owning a freehold estate which is not m possession shall be liable to pay graduated land tax in respect thereof.

For the purposes of this Act a freehold estate shall be deemed to be in possession notwithstanding the existence of any trust or of any estate of leasehold or of any estate by way of mortgage or other security.