Section 68. Commutation of duty in respect of interest in expectancy

68. Commutation of duty in respect of interest in expectancy.—The Controller in his discretion may, upon application by a person entitled to an interest in expectancy, commute the estate duty which would or might, but for the commutation, become payable in respect of such interest for a certain sum to be presently paid, and, for determining that sum, shall cause a present value to be set upon such duty, regard being 34 Estate Duty [Act 34] had by the contingencies affecting the liability to and rate and amount of such duty and interest being reckoned at three per cent.; and on the receipt of such sum the Controller shall give a certificate accordingly.