^{page 291 note *} How long they will then suffer the actuary is a moot point.

^{page 292 note *} If the property to be valued is an annuity, for a term certain only, wholly taxable as income, the market is very limited. The reversionary companies do not compete. In theory certain pension funds could afford to buy ‘gross gross’ but in practice very short leasehold rents are valued and change hands on a very high yield basis.

^{page 294 note *} Inconsistencies in the official view on value came to light a few years ago when the value for estate duty of a protected life interest in the proceeds of a life policy had to be determined. The life tenant was a healthy young man already of assured financial position and the policy a very valuable one. The Revenue refused to accept a nil value but had some difficulty in defining what it was that should be valued. Neither side seemed anxious to take the dispute to Court and a compromise was reached finally at a figure which was a very small fraction of the value of an unrestricted life interest.