ESTATE DUTY CASE
INTERESTING POINT RAISED (Per Press Association.) WELLINGTON, December 8. A point of interest to shareholders came before bis Honor Mr Justice Reed in tiie Supreme Court to-day. The question was whether stock held by John Kirkcaldic in an English company should be included in the dutiable estate at its market value in New Zealand: at the date of death, or at the value at which the stock was estimated for the purpose of assessing the amount of estate duty payable in England. Appellants were tne trustees of the estate and the respondent was the Commissioner of Stamp Duties. Mr E. K. Kirkcaidie appeared for appellants, and Mr C. H. Taylor for tho Commissioner.
At the date of his death the personal estate of Mr Kirkcaldie included £4608 of preferred stock in the New Zealand Loan and Mercantile Agency Co., Ltd., an English company incorporated in England, and having English and New Zealand share registers, and £6495 of ordinary stock in the same firm. The stock held by Mr Kirkcaldie was registered in the English register and this property was included in the dutiable estate. At the date of Mr Kirkcaldie's death tlio New Zealand valuation of the stock was £9570. For the purposes of a refund) of death duty the property was deemed tu be situated in the United Kingdom and appellants paid estate duty in England amounting to £396. In November, 1928, appellants applied to the Commissioner for a refund of that su*i. For the purpose of assessing the amount of estate duty payable in England, the shares were valued there at £9911. The Commissioner thereupon added tu the final balance of the estate £341, representing the difference between the valuation of the shares in England and in New Zealand. As a result of this addition, the estate was assessed with additional duty of £77 and the Commissioner, instead of refunding appellants £396, deducted £77 refunding to appellants £319. The appellants objected to the assessment of the additional duty. After hearing counsel bis Honor said he thought the point was one of some importance, and he would take the opportunity of making inquiries from a. prominent and disinterested sharebroker.
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Bibliographic details
Ashburton Guardian, Volume 53, Issue 51, 9 December 1932, Page 3
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363ESTATE DUTY CASE Ashburton Guardian, Volume 53, Issue 51, 9 December 1932, Page 3
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