DEATH DUTY STOCK

Auckland Star, Volume LXXII, Issue 201, 26 August 1941, Page 2

DEATH DUTY STOCK

WAR LOAN SCHEME FULL FACE VALUE (P.A.) WELLINGTON, this day. The Reserve Bank has received inquiries from different parts of New Zealand asking whether death duty stock issued in terms of the war loan prospectus is available for death duties at its face value. The bank states that the position is such that the stock will, on the death of the stockholder at any time before the maturity date of the loan, be accepted at par by the Commissioner of Stamps in payment of death duties in the estate of the deceased holder. Therefore every £100 of death dutystock subscribed for will be accepted in payment of the equivalent amount of death duties. All that is necessary is for a subscriber to show on his application form that security is required to be issued in the form of death duty stock. On the subscriber's death the executors in the estate may transfer such stock to the Commissioner of Stamps, who will accept it at its face value and apply the proceeds towards the payment of the death duties.