Holroyd v Wyatt
| Jurisdiction | England & Wales |
| Judgment Date | 25 February 1847 |
| Date | 25 February 1847 |
| Court | High Court of Chancery |
English Reports Citation: 63 E.R. 1000
HIGH COURT OF CHANCERY
[125] holkoyd v. wyatt. Feb. 24, 25, 1847. Where interest is payable on purchase-money upon a sale by order of the Court, the purchaser must pay the full purchase-money and interest into Court, without deducting the income tax. Mr. Piggott, on behalf of a purchaser under the decree, moved for leave to pay into Court on the 10th of March the amount of his purchase-money and interest, deducting from the latter the income tax. The whole purchase-money was 900; 180 had been paid as a deposit; the balance due, added to 1, 4s., the amount of the valuation of the fixtures, was, consequently, 721, 4s., on which, according to the conditions of sale, interest was payable from December 25th, 1845, to March 10th, 1847. Deducting the income tax, the amount of the interest was 42, Is. 9d., and the motion was for liberty to pay in 763, 5s. 9d. The 5 & 6 Viet. c. 35, s. 102, provides that, upon all annuities, yearly interest of money, or other annual payments, whether such payments shall be payable as (among other things specified in the Act) a personal debt or obligation by virtue of any contract, and whether the same shall be received and payable half-yearly, or at any shorter or more distant time, there shall be charged the tax therein mentioned. And the 103d section provides that, if any person shall refuse to allow any deduction authorized to be made by the Act, out of any payment of annual interest of money lent, or other debt bearing annual interest, whether the same be secured by mortgage, or otherwise, he shall forfeit for every such offence treble the value of the principal money or debt. Mr. Spence, for the vendors. The Act does not touch the case. The interest payable is in the nature of damages for non-payment of the purchase-money at the stipulated time. It can in nowise be considered an annuity, yearly interest of money, or other annual payment. Mr. Piggott, in reply, contended that the interest was [126] yearly interest of money payable as a personal debt, by virtue of a contract, viz., the conditions of sale. the vice-chancellor [Sir J. L. Knight Bruce], after...
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