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The Intestate Succession (Interest and Capitalisation) Order 1977

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Statutory Instruments

1977 No. 1491

ADMINISTRATION OF ESTATES

The Intestate Succession (Interest and Capitalisation) Order 1977

Made

4th September 1977

Laid before Parliament

14th September 1977

Coming into Operation

15th September 1977

The Lord Chancellor, in exercise of the powers conferred on him by section 46(1)(i) of the Administration of Estates Act 1925(1), and by section 47A(3A) of that Act(2), hereby makes the following Order:—

Citation and Interpretation

1.—(1) This Order may be cited as the Intestate Succession (Interest and Capitalisation) Order 1977 and shall come into operation on 15th September 1977.

(2) The Interpretation Act 1889 shall apply to the interpretation of this Order as it applies to the interpretation of an Act of Parliament.

Interest on Statutory Legacy

2.  For the purposes of section 46(1)(i) of the Administration of Estates Act 1925, as it applies both in respect of persons dying before 1953 and in respect of persons dying after 1952, the specified rate of interest shall be 7 per cent. per annum.

Capitalisation of Life Interests

3.—(1) Where after the coming into operation of this Order an election is exercised in accordance with subsection (6) or (7) of section 47A of the Administration of Estates Act 1925, the capital value of the life interest of the surviving spouse shall be reckoned in accordance with the following provisions of this article.

(2) There shall be ascertained, by reference to the index compiled by the Financial Times, The Institute of Actuaries and the Faculty of Actuaries, the average gross redemption yield on medium coupon fifteen-year Government Stocks at the date on which the election was exercised or, if the index was not complied on that date, by reference to the index on the last date before that date on which it was complied; and the column which corresponds to that yield in whichever of the Tables set out in the Schedule hereto is applicable to the sex of the surviving spouse shall be the appropriate column for the purposes of paragraph (3) of this article.

(3) The capital value for the purposes of paragraph (1) of this article is the product of the part of the residuary estate (whether or not yielding income) in respect of which the election was exercised and the multiplier shown in the appropriate column opposite the age which the surviving spouse had attained at the date on which the election was exercised.

Elwyn-Jones, C

Dated 4th September 1977

SCHEDULE

TABLE 1

Multiplier to be applied to the part of the residuary estate in respect of which the election is exercised to obtain the capital value of the life interest of a surviving husband, when the average gross redemption yield on medium coupon fifteen-year Government Stocks is at the rate shown

AGE LAST BIRTHDAY OF HUSBANDLESS THAN 8.50%8.50% OR BETWEEN 8.50% AND 9.50%9.50% OR BETWEEN 9.50% AND 10.50%10.50% OR BETWEEN 10.50% AND 11.50%11.50% OR BETWEEN 11.50% AND 12.50%12.50% OR BETWEEN 12.50% AND 13.50%13.50% OR BETWEEN 13.50% AND 14.50%14.50% OR BETWEEN 14.50% AND 15.50%15.50% OR MORE
160.8820.8970.9080.9170.9230.9270.9310.9340.936
170.8790.8950.9060.9150.9210.9260.9300.9330.935
180.8760.8920.9040.9130.9200.9250.9290.9320.934
190.8730.8900.9020.9110.9180.9230.9280.9310.933
200.8700.8870.9000.9090.9170.9220.9260.9300.933
210.8660.8840.8970.9070.9150.9210.9250.9290.932
220.8630.8810.8950.9050.9130.9190.9240.9280.931
230.8590.8780.8920.9030.9110.9180.9230.9270.930
240.8550.8750.8900.9010.9090.9160.9210.9250.929
250.8520.8720.8870.8980.9070.9140.9200.9240.928
260.8470.8680.8840.8960.9050.9120.9180.9230.926
270.8430.8640.8800.8930.9030.9100.9160.9210.925
280.8380.8600.8770.8900.9000.9080.9140.9190.923
290.8340.8560.8730.8870.8970.9050.9120.9170.922
300.8280.8510.8690.8830.8940.9030.9100.9150.920
310.8230.8470.8650.8790.8910.9000.9070.9130.918
320.8180.8420.8610.8760.8870.8970.9040.9110.916
330.8120.8370.8560.8710.8840.8930.9010.9080.913
340.8060.8310.8510.8670.8800.8900.8980.9050.911
350.7990.8250.8460.8620.8750.8860.8950.9020.908
360.7920.8190.8400.8570.8710.8820.8910.8990.905
370.7850.8130.8340.8520.8660.8780.8870.8950.902
380.7780.8060.8280.8460.8610.8730.8830.8910.898
390.7710.7990.8220.8400.8560.8680.8790.8870.894
400.7630.7920.8150.8340.8500.8630.8740.8830.890
410.7550.7840.8080.8280.8440.8570.8690.8780.886
420.7460.7760.8010.8210.8380.8520.8630.8730.881
430.7370.7680.7930.8140.8310.8450.8570.8680.876
440.7280.7590.7850.8060.8240.8390.8510.8620.871
450.7190.7500.7760.7980.8160.8320.8450.8560.866
460.7090.7410.7680.7900.8090.8250.8380.8500.860
470.6990.7310.7580.7810.8010.8170.8310.8430.853
480.6880.7210.7490.7720.7920.8090.8230.8360.847
490.6780.7110.7390.7630.7830.8000.8150.8280.839
500.6660.7000.7290.7530.7740.7910.8070.8200.832
510.6550.6890.7180.7430.7640.7820.7980.8120.824
520.6430.6780.7070.7320.7540.7720.7890.8030.815
530.6310.6660.6950.7210.7430.7620.7790.7940.807
540.6190.6540.6840.7100.7320.7520.7690.7840.797
550.6060.6410.6710.6980.7210.7410.7580.7740.787
560.5940.6280.6590.6850.7090.7290.7470.7630.777
570.5800.6150.6460.6730.6960.7170.7350.7520.766
580.5670.6020.6330.6600.6830.7050.7230.7400.755
590.5530.5880.6190.6460.6700.6920.7110.7280.743
600.5390.5740.6050.6320.6570.6780.6980.7150.731
610.5250.5600.5900.6180.6420.6640.6840.7020.718
620.5100.5450.5760.6030.6280.6500.6700.6880.704
630.4960.5300.5610.5880.6130.6360.6560.6740.691
640.4810.5150.5460.5730.5980.6210.6410.6590.676
650.4660.5000.5300.5580.5830.6050.6260.6440.661
660.4510.4850.5150.5420.5670.5900.6100.6290.646
670.4360.4690.4990.5260.5510.5740.5940.6130.631
680.4210.4540.4830.5100.5350.5570.5780.5970.615
690.4070.4380.4670.4940.5180.5410.5620.5810.598
700.3920.4230.4520.4780.5020.5240.5450.5640.582
710.3770.4070.4360.4620.4850.5080.5280.5470.565
720.3620.3920.4200.4450.4690.4910.5110.5300.548
730.3480.3770.4040.4290.4520.4740.4940.5130.531
740.3330.3620.3880.4130.4360.4570.4770.4960.513
750.3190.3470.3730.3970.4190.4410.4600.4790.496
760.3050.3320.3570.3810.4030.4240.4430.4610.479
770.2920.3180.3420.3650.3870.4070.4260.4440.461
780.2780.3040.3280.3500.3710.3910.4100.4270.444
790.2650.2900.3130.3350.3550.3750.3930.4100.427
800.2530.2770.299 0.3200.3400.3590.3770.3940.410
810.2410.2640.2850.3060.3250.3430.3610.3770.393
820.2290.2510.2720.2920.3100.3280.3450.3610.377
830.2180.2390.2590.2780.2960.3130.3300.3460.361
840.2070.2270.2460.2650.2820.2990.3150.3310.345
850.1960.2160.2340.2520.2690.2850.3010.3160.330
860.1860.2050.2230.2400.2560.2720.2870.3020.315
870.1770.1950.2120.2280.2440.2590.2740.2880.301
880.1680.1850.2010.2170.2320.2470.2610.2750.288
890.1590.1760.1910.2070.2210.2350.2490.2620.275
900.1510.1670.1820.1970.2110.2240.2370.2500.262
910.1440.1590.1730.1870.2010.2140.2270.2390.251
920.1370.1510.1650.1790.1920.2050.2170.2290.240
930.1300.1440.1580.1710.1830.1960.2080.2190.230
940.1240.1380.1510.1630.1750.1870.1990.2100.221
950.1190.1320.1440.1560.1680.1790.1900.2010.212
960.1130.1260.1380.1490.1610.1720.1820.1930.203
970.1080.1200.1320.1430.1540.1640.1750.1850.195
980.1030.1150.1260.1370.1470.1570.1670.1770.187
990.0980.1090.1190.1300.1400.1500.1590.1690.178
100 and over0.0930.1030.1120.1230.1330.1430.1510.1610.169

TABLE 2

Multiplier to be applied to the part of the residuary estate in respect of which the election is exercised to obtain the capital value of the life interest of a surviving wife, when the average gross redemption yield on medium coupon fifteen-year Government Stocks is at the rate shown

AGE LAST BIRTHDAY OF WIFELESS THAN 8.50%8.50% OR BETWEEN 8.50% AND 9.50%9.50% OR BETWEEN 9.50% AND 10.50%10.50% OR BETWEEN 10.50% AND 11.50%11.50% OR BETWEEN 11.50% AND 12.50%12.50% OR BETWEEN 12.50% AND 13.50%13.50% OR BETWEEN 13.50% AND 14.50%14.50% OR BETWEEN 14.50% AND 15.50%15.50% OR MORE
160.8920.9050.9150.9220.9270.9300.9330.9360.937
170.8890.9030.9130.9200.9250.9290.9330.9350.937
180.8870.9010.9110.9190.9240.9290.9320.9340.936
190.8840.8990.9100.9170.9230.9280.9310.9340.936
200.8820.8970.9080.9160.9220.9270.9300.9330.935
210.8790.8950.9060.9150.9210.9260.9290.9320.934
220.8770.8930.9040.9130.9200.9250.9280.9310.934
230.8740.8900.9020.9110.9180.9230.9270.9310.933
240.8710.8880.9000.9100.9170.9220.9260.9300.932
250.8680.8850.8980.9080.9150.9210.9250.9290.932
260.8640.8820.8960.9060.9140.9200.9240.9280.931
270.8610.8790.8930.9040.9120.9180.9230.9270.930
280.8570.8760.8910.9010.9100.9160.9210.9250.929
290.8530.8730.8880.8990.9080.9150.9200.9240.928
300.8490.8690.8850.8960.9060.9130.9180.9230.926
310.8450.8660.8820.8940.9030.9110.9160.9210.925
320.8400.8620.8780.8910.9010.9080.9140.9190.923
330.8360.8580.8750.8880.8980.9060.9120.9180.922
340.8310.8530.8710.8840.8950.9030.9100.9160.920
350.8260.8490.8670.8810.8920.9010.9080.9130.918
360.8200.8440.8630.8770.8890.8980.9050.9110.916
370.8150.8390.8580.8730.8850.8950.9020.9090.914
380.8090.8340.8530.8690.8810.8910.8990.9060.911
390.8030.8280.8480.8640.8770.8880.8960.9030.909
400.7960.8220.8430.8600.8730.8840.8930.9000.906
410.7900.8160.8380.8550.8690.8800.8890.8970.903
420.7830.8100.8320.8500.8640.8760.8850.8930.900
430.7750.8030.8260.8440.8590.8710.8810.8890.896
440.7680.7960.8200.8380.8540.8660.8770.8850.893
450.7600.7890.8130.8320.8480.8610.8720.8810.889
460.7520.7820.8060.8260.8420.8560.8670.8760.885
470.7440.7740.7990.8190.8360.8500.8620.8720.880
480.7350.7660.7910.8120.8290.8440.8560.8660.875
490.7260.7570.7830.8040.8220.8370.8500.8610.870
500.7160.7480.7750.7970.8150.8310.8440.8550.865
510.7070.7390.7660.7880.8070.8230.8370.8490.859
520.6970.7290.7570.7800.7990.8160.8300.8420.853
530.6860.7190.7470.7710.7910.8080.8220.8350.846
540.6760.7090.7370.7610.7820.7990.8140.8270.839
550.6640.6980.7270.7510.7720.7900.8060.8200.831
560.6530.6870.7160.7410.7630.7810.7970.8110.823
570.6410.6760.7050.730 0.7520.7710.7880.8020.815
580.6290.6640.6930.7190.7410.7610.7780.7930.806
590.6160.6510.6810.7070.7300.7500.7670.7830.796
600.6030.6380.6690.6950.7180.7390.7570.7720.786
610.5900.6250.6560.6830.7060.7270.7450.7610.776
620.5770.6120.6430.6700.6930.7150.7330.7500.764
630.5630.5980.6290.6560.6800.7020.7210.7380.753
640.5490.5840.6150.6420.6670.6880.7080.7250.740
650.5340.5690.6000.6280.6530.6740.6940.7120.728
660.5200.5550.5860.6130.6380.6600.6800.6980.714
670.5050.5400.5700.5980.6230.6450.6660.6840.700
680.4900.5240.5550.5830.6080.6300.6510.6690.686
690.4750.5090.5390.5670.5920.6150.6350.6540.671
700.4590.4930.5230.5510.5760.5990.6190.6380.655
710.4440.4770.5070.5350.5600.5820.6030.6220.640
720.4280.4610.4910.5180.5430.5660.5860.6060.623
730.4130.4450.4750.5010.5260.5490.5700.5890.606
740.3980.4290.4580.4850.5090.5320.5520.5720.589
750.3820.4130.4420.4680.4920.5140.5350.5540.572
760.3670.3970.4250.4510.4750.4970.5170.5360.554
770.3520.3810.4080.4340.4570.4790.4990.5180.536
780.3370.3650.3920.4170.4400.4610.4820.5000.518
790.3220.3500.3760.4000.4230.4440.4640.4820.500
800.3070.3340.3600.3830.4060.4260.4460.4640.482
810.2930.3190.3440.3670.3890.4090.4280.4460.463
820.2790.3040.3280.3510.3720.3920.4100.4280.445
830.2650.2900.3130.3350.3550.3750.3930.4100.427
840.2520.2760.2980.3190.3390.3580.3760.3930.409
850.2390.2620.2840.3040.3230.3420.3590.3760.392
860.2270.2490.2690.2890.3080.3260.3430.3590.374
870.2150.2360.2560.2750.2930.3100.3270.3420.357
880.2040.2240.2430.2610.2790.2950.3110.3270.341
890.1930.2120.2300.2480.2650.2810.2960.3110.325
900.1820.2010.2180.2350.2510.2670.2820.2960.310
910.1730.1900.2070.2230.2390.2540.2680.2820.296
920.1640.1800.1970.2120.2270.2420.2560.2690.282
930.1550.1710.1870.2020.2160.2300.2430.2560.269
940.1470.1620.1770.1920.2050.2190.2320.2440.256
950.1390.1540.1680.1820.1950.2080.2210.2330.244
960.1320.1460.1590.1730.1850.1980.2100.2220.233
970.1250.1380.1510.1640.1760.1880.1990.2110.222
980.1180.1300.1430.1550.1670.1780.1890.2000.210
990.1100.1220.1340.1460.1570.1680.1780.1890.199
100 AND OVER0.1020.1140.1250.1370.1470.1580.1670.1780.188

EXPLANATORY NOTE

This Order amends the provisions regulating the distribution of the estate of a person dying intestate.

The estate is charged with a fixed sum (the statutory legacy) in favour of the surviving spouse. Article 2 of the Order increases the rate of interest payable on the statutory legacy until it is paid or appropriated from the present rate of 4% (or, in the case of persons dying before the coming into operation of the Intestates' Estates Act 1952, 5%) to 7%.

Article 3 provides new rules for calculating the capital value of a life interest in the residuary estate. The capital value is to be calculated by reference to the Tables in the Schedule to the Order. There are separate Tables for surviving husbands and wives (owing to the different expectations of life of the two sexes); and within each Table the multiplier varies according to the age of the surviving spouse and the prevailing rate of interest on medium-term Government Stocks.

Article 3(2) refers to an index compiled by the Financial Times, The Institute of Actuaries and the Faculty of Actuaries. This index is normally published in the Financial Times, but the necessary information can be obtained from either The Institute of Actuaries or the Faculty of Actuaries.

(1)

Section 46(1)(i) was amended, in respect of deaths occurring after 1952, by section 1 of the Interstates' Estates Act 1952 (c.64), and, in respect of deaths occurring before 1953 and deaths occurring after 1952, by section 28(1) of the Administration of Justice Act 1977 (c.38).

(2)

Subsection (3A) was inserted into section 47A by section 28(3) of the Administration of Justice Act 1977.

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