UNPAID DEATH DUTIES

Bay of Plenty Times, Volume LXXV, Issue 14254, 31 December 1946, Page 3

UNPAID DEATH DUTIES

CHANGE IN RATES OF INTEREST

HARDSHIP CLAUSE INTRODUCED

An Order-in-Council recently published makes changes in certain cases in the rate of interest on unpaid death duties in deceased estates. In future the rate of interest payable on unpaid death duties will be four per .cent, per annum “on so much of those death duties as is paid within 15 months after death.” Also the rate will be. four per cent, per annum on the amount of any death duties unpaid within fifteen months after death “if the Commissioner of Stamp. Duties is satisfied that there has been no undue delay on the part of the administrator or other person liable in the payment of the duties, and that th,e assets of the estate and the income earned therefrom are such that payment of interest at the higher rate ’ would create a hardship.” In all other cases the rate is five per cent, per annum on the amount of all death duties unpaid within three months after the death of a deceased person.