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TAX ON A GIFT.

A DEATH DUTIES POINT. CASE BEFORE FULL COURT, By Telegraph.—Frew Association, Wellington, Last Night. The Full Court was occupied to-day with consideration of an appeal by the Bank of New Zealand against the assessment of the mount of duty payable by the bank on a gift of £lO9 made by the bank to one of its retiring servants. The bank contended that the gift was free from duty and the Commissioner s case was that it was liable to a duty of 10 per cent. The case was of interest, as many other gifts are involved. At the hearing Sir John Findlay, K.C., with him Mr. C. H. Taylor, appeared for the Bank of New Zealand, and Mr. Macgregor, K.C., Solicitor-General, appeared for the Commisaioner of Stamp Duties. Sir John Findlay said that the Bank was not seeking to evade the payment of taxation and the'question, for the determination of the. Court was as to the meaning of the words “the gift” in section 5 of the Death Duties Amendment Act, 1920. That section, he said, showed that the Legislature was adopting a new' scheme of taxing gifts and that each gift stood on its own and was quite independent of all other gifte, whether made within 12 months of the particular gift assessed or not. Mt. Macgregor said that it was quite true that on its face the amending statute of 1920 did appear to tax only single gifts over £lOOO in amount, but he contended that read in conjunction with prior Acts and it was clear that all gifts made within 12 months must ba taken into account, and if the total value, as in that case, exceeded £lOOO, then a gift of even less than £lOOO waa liable to taxation at the ra£e provided in the Act. It was indicated by Mr Macgregor that if the Court’s decisio® was in favor of appellant amending legislation would be necessary. The Court reserved its decision

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/TDN19211005.2.25

Bibliographic details
Ngā taipitopito pukapuka

Taranaki Daily News, 5 October 1921, Page 4

Word count
Tapeke kupu
330

TAX ON A GIFT. Taranaki Daily News, 5 October 1921, Page 4

TAX ON A GIFT. Taranaki Daily News, 5 October 1921, Page 4

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