Other formats

    Adobe Portable Document Format file (facsimile images)   TEI XML file   ePub eBook file  

Connect

    mail icontwitter iconBlogspot iconrss icon

The Pamphlet Collection of Sir Robert Stout: Volume 48

Mortgages. Sections 22 and 23

page 10

Mortgages. Sections 22 and 23.

Following out the principle that a man shall only pay on his possessions, a landowner, when valuing his land, &c., is entitled to deduct any sum he may owe on mortgage, but he must give the name and address of the mortgagee. This is done so that it may be ascertained that the amount is accounted for by the mortgagee in his return of personal property. The mortgagee is also compelled to furnish particulars of all properties over which he holds a mortgage as security for money owing to him. A comparison of these returns will afford a complete check upon this portion of the general assessment. The second part of Clause 23 states: "Every such mortgagee, not exempted as herein provided in respect of companies, shall be liable to taxation on the value of his mortgage, subject to the ordinary deductions." That is to say, if a mortgagee has the misfortune to hold a property that is worth £1000 as security for a debt of £2500 owing by a man who is worth nothing, the value of this asset is to be returned at £1000; the other £1500 being, for the time at all events, a bad debt.