TURNBULL LIBRARY

Dominion, Volume 14, Issue 10, 7 October 1920, Page 4

TURNBULL LIBRARY

PUBLIC TRUSTEE'S PETITION

ESTATE DUTY ON GIFT TO NATION

When the late Mr. A. H. Tumbull, of Wellington, died, leaving his splendid library as a gift to tho people of New Zealand, his estate was charged death duty on tho value of tlie gift. The Public . Trustee, representing the residuary legatees, petitioned Parliament recently praying that tho value of the library presented to the nation should be excepted from tho dutiable estate of the late Mr. A. H. Tumbull, or that estate duty should only be payabkj by the residuary beneficiaries at' the rate at which it would have been paid by them if tho library had been so exceDt«d. A committoo rocommended yesterday that the petition should bo referred for tho favourable consideration of tho Govrnment

Mr. T,' M. Wilford (Hutt) mentioned that fha library Had been valued, conservatively, at JJ50.000. The balance of the estate amounted to ,£25,000, and out of this balance tho Government had de; raanded J23000 as duty on tho whole estate of ,£75,000. There was reason to believe that tho liability to this taxation had been overlooked by tins testator, who could have made provision in his.will to prevent tbja money being taken from the balanco of the estate. The claim in the petition ought to 1 be granted. Other members also supported the petition, which was referred to the Government for favourable consideration.