LEGACY (Lat. legatum)

This article appears in Volume V16, Page 373 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: LAP-LEO

LEGACY (Lat. legatum) , in English law, some particular thing or things given or left by a testator in his will, to be paid or performed by his executor or administrator. The word is primarily applicable to gifts of personalty or gifts charged
upon real estate; but if there is nothing else to which it can passes was domiciled in the United Kingdom. The rate of duty varies from r to ro% according to the relationship between the testator and legatee. As between husband and wife no duty is payable. The duty is payable by the executors and deducted from the legacy unless the testator directs otherwise.

Special

SPECIAL

provisions as to valuation are in force where the

gift

GIFT (a common Teutonic word, cf. Ger. die Gift, gift, das Gift, poison, formed from the Teut. stem gab-, to give, cf. Dutch geven, Ger. geben; in O. Eng. the word appears with initial y, the guttural of later English is due to Scandinavian influence)

is of an

annuity

ANNUITY (from Lat. annus, a year)

or is settled on various persons in succession, or the legacy is given in joint tenancy and other cases. In sc me cases the duty is payable by instalments which carry

interest

INTEREST

at 3%. In various cases legacies are exempt from dutythe more important are gifts to a member of the royal family, specific legacies under 20 (pecuniary legacies under 20 pay duty), legacies of books, prints, &c., given to a

body

BODY

corporate for preservation, not for sale, and legacies given out of an estate the principal value of which is less than ioo. Further, by the Finance Act 1894, payment of the estate duty thereby created absorbs the 1% duty paid by lineal ancestors or descendants of the deceased' and the duty on a settled legacy, and, lastly, in the event of estate duty being paid on an estate the total value of which is under r000, no legacy duty is payable. The legacy duty payable in Ireland is now for all

practical

PRACTICAL

purposes assimilated to that in Great Britain. The principal statute in that country is an act of 1814.
LE GALLIENNE, RICHARD (1866 ), English poet and critic, was born in Liverpool on the loth of January 1866. He started life in a business office in Liverpool, but abandoned this to turn author. My Lady's Sonnets appeared at Liverpool in 1887, and in 1889 he became for a short time literary secretary to Wilson Barrett. In the same year he published Volumes in Folio, The Book Bills of Narcissus and George

Meredith

MEREDITH, GEORGE (1828-1908)

: some Characteristics (new ed., 1900). He joined the staff of the

Star

STAR

in 1891, and wrote for various papers over the signature of " Logroller." English Poems (1892), R. L. Stevenson and other Poems (1895), a paraphrase (1897) of the Rubdiydt of Omar Khayyam, and Odes from the Divan of Hafiz (1903), contained some light, graceful verse, but he is best known by the fantastic

prose

PROSE

essays and sketches of

Prose

PROSE

Fancies (2

series

SERIES (a Latin word from serere, to join)

, 18941896), Sleeping Beauty and other Prose Fancies (1900), The Religion of a Literary Man (1893), The Quest of the Golden Girl (1897), The Life Romantic (1901), &c. His first wife, Mildred Lee, died in 1894, and in 1897 he married Julie Norregard, subsequently taking up his residence in the United States. In 1906 he translated, from the Danish, Peter Nansen's Love's Trilogy.

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