A Few years ago two estate duty valuations were made in somewhat unusual circumstances.

A bequeathed an annuity of £75 equally amongst his five daughters, expressed to be payable for their joint lives, the whole of the annuity being subject to remainder to the survivors or survivor for lives or life. The annuity was charged on a leasehold property which was bequeathed absolutely to B, the son of A, subject to the joint-life annuity.

One of the daughters died, and for the purposes of estate duty it was necessary to know the present value of the proportion of annuity which passed on her death, i.e. the value of the annual sum of £15 payable until the last survivor of four lives aged respectively 81, 78, 77 and 71.