NEW DEATH DUTIES.

Auckland Star, Volume LI, Issue 248, 16 October 1920, Page 13

NEW DEATH DUTIES.

BILL THROUGH COMMITTEE^ STRENGTHENING FINTAXCK. (By Telegraph.—Prene Association.) WELLINGTON, Friday. In moving the second reading of the Death Duties Amendment Bill to-night the Prime Minister mid recent happeniiige made it neceglary to strengthen the country's finances, and he believed the provisions of the bill would do this. It was necessary to find money to subsidise the butter producers and pogeibly to stabilise the wool position, and this could not be done out of the Consolidated Fund at present, lie hoped, also, that the additional revenue obtainable under the bill would enable the Government to assist annuitants. Ho intended to aek the House to agee to oinendmentu providing that in cases where persons or linns set apart property or funds for the purpose of providing retiring allowances lor their employees the property or funds should be exempt from the payment of gift duty. Tt was expected that this £300 Q0° Uld prOdUCC a " acldit '°nal Mr. f. M. Wilford (Leader of the Opposition) supported the bill. He expressed regrot that it had not Wn introduced before. Ho asked if opportunity could not be taken t<> remit the £6,000 duty assessed on the TurnbuU library, which was donated to the Dominion. The Prime Minister replied that the matter was now under consideration by the Cabinet. Mr- .«■ Mcl-allum (Wairau, agreed with the bill, but said he would move in Committee that, the succession duty on succession exceeding £20,000 should be 30 per cent. After further discussion the second reading was carried on the voices. Tn Committee subclause 8 of clause 4 was amended to make additional succession duty of 10 per cent payable on all moneys exceeding £1,000 payable to a person other than a wife, husband or near relative of a deceased person The bill wae reported and set down for consideration on the next sitting