Deceased Person's Estate.

Manawatu Standard, Volume X, Issue 32, 6 July 1885, Page 3

Deceased Person's Estate.

- The Decoasod Person's Estate Dnticß Act .Amendment, introduced by Mr Stout, is in the latter part of it an amendment Bill, providing for contingencies which experience has brought to lijjht; but the eailior clauses of the Bill are the more impoitanr, as being aimed at putting a check to attempts to avoid payment of succession duties by means • of'(tecds of gift or settlement to take effect before the death , of the donor, ' 'whereby no propeity apparently is left "to administer, and no account of the profc nsrty J so alienated can be obtained. Jt, „ imposes a penalty of i-500 upon 'an ad\nuirißtrator who takes possession ,if 4,ilettcrs are not taken out within six j months of death, and provides ,for sumli.onoring him to show cause, why he ~ sliolildno't pay duty on the estate.of the « • deceased. Certain clauses are framed to' prevent the sneqession to iestates under, or intestaci.es of .persons dying 'put* hi 'the Colony siintil administration js J>i taVen'oiit in .the' Colony. It 'has happened not unf roquently that English pro,'bate : o_r adijiinfttatio'nbeiiig'accep.tad iin evidence pf the death of the testator or .intestate, succession isjobtained in the, Colony, without, further proof, and the* '^tamp Office having no. cognizance of the property 'escapes . ' 'the payment o£. duty. Every alienar Qf property, übt being a marriage . mads \ before' mairiage } . ror not nUde for'a'monpy, cont -sideratihn, is to be deemed a deed of gift, and to be liable when the gift .tak'eV effect to the same duties as it ,had been obtained under a will taking effect at ,> suclk time. All deeds of gifts made ■within the last two years T)y people k whether now alive or dead „are brought 'i* under the Act, and all deeds of gift are - - required to be registered with the Com.niissioner within two months of their & taking effect, or within two months after '•'•'the parsing of this Act if they had taken >l ' effe'et ; l the duty being made payable im'"mediately upon the gift taking. effect: A K1 husband or wife taking an absolute interest inthe property on the death of the wife or husband is not to be liable to pay .duty. The schedule of duties, is amended as follows: — Uiyier tne "present law estates valued' at oyw £I_II(i.BJKL -under passing to """ children, pay 1 per ctnt., and to others 2 per cent. The rates increase with the *• arnduntof the estates till those exceeding the value of £50,000 passing to children pays 'per cent., and to others 10'per cent. Under the new law, eitates valued at between £100 and £1000 passing to children will pay \\ per cent., and to others 2^ per cent.; from £5000' to 1% and 3£ per cent. ; from £10;000 to £20,000, 3£ and 7 per cent., and over £30,000, 5 per cent, and 10 per cent.' On all estates liable to duty which pass to strangers in blood, an additional amount of 3 per cent, will be pay- * able.