CO129-557-12 Armstrong and Turner v. Estate Duty Commissioner- appeal to Privy Council 18-5-1936 - 2-10-1936 — Page 103

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the cesser of any such annual sums such part

of the appropriated investments as shall not

in the opinion of my Trustees be required for

the payment of the other annual sum or sums for

the time being payable under the trusts of this

my will shall revert to and form part of my

residwry estato ma that any surplus inc ome

arising from the appropriated investments shell

be applied as income of my residuary estate.

By clause 8 of his will the testator mude the following

provision with regard to investment :

8. Subject to the payment of my funeral and

testamentary expenaev and debta and any

legacies bequeathed by this my Will or by any

Codicil hereto and the duty (if any) upon

legacies and annuities bequeathed free of duty

and subject to making provision for the payment

of any annuities bequeathed by this my will or

by any Coiicil hereto my Trustees shall invest

in manner hereinafter authorised the proceɛ da

of the said sale &o &c.

The foregoing provisions were not varied by either of the

said Codicils.

estate Duty was peid on the whole of the testator's estate

when the probate was obtained.

No fund waa set a side to meet the said annuity, but the

same was mid out of the general income as and when the seme

became due (Vide paragraph 6 of the joint effidavit of the

Trustees dated the 4th April, 1935).

It was agreed by the Trustees and the Commissioner that