YULE MILLIONS

Sun (Auckland), Volume II, Issue 513, 16 November 1928, Page 13

YULE MILLIONS

DEATH DUTIES TOTAL £8,000,000 FORTUNE FROM THE EAST The largest lump sum ever claimed by the Treasury as death duties on one estate is Sir David Yule’s. Sir David, when he died at Haustead House, his Knglish home at Bricket Wood, Hertfordshire, In July, left a fortune stated to be between £20.000.000 and £25,000,000. The question which now arises, and which may be the basis of the lawyers’ arguments is that of his legal domicile. The death duties leviable on £20.000,000 are about £8,000,000, but it is understood that a statement will shortly be issued to the effect that the English estate of Sir David is less than £1,000.000, and that the executors of his will, on which probate has not yet been granted, will be prepared to pay death duties on that amount. Sir David Yule amassed most of his vast wealth in India, and the remainder of his estate comprises propertv and holdings there. For that reason the executors are understood to be of opinion that that part of the fortune should be assesed on the Indian scale. These duties then would amount to very much less than if assessed on the English scale. The Inland Revenue officials are likely to take an entirely different view, however, and it is probable that the Treasury will conduct negotiations themselves. There have been many consultations between High Treasury and Inland Revenue officials with leading law officers recently, and it is probable that some action will be taken in the very near future. Sir David left no heir, but, his widow and only daughter, Gladys, survive him. The white stone house at Bricket Wood, which stands only a few yards off a winding country lane, reflects the family unpretentiousness and simplicity of habiL Lady Yule spends much of her time on the estate, which is not very large. Like her mother. Miss Gladys Yule, who is 2i years of age. is fond of the outdoor life. She rides and hunts, and ha* accompanied her mother on adventurous trips in tho Klondike and Alaska It is stated locally that the two women, whose income is something like £1,500 a day—the interest aloue on the fortune —have little to do with the social life of the neighbourhood, preferring to lead a simple country life. They take a great interest In the employees on the estate, and arc highly respected by them.