DEATH DUTY PROVISION
P.A.Y.E. Plan Suggested
(From Our Own Reporter) DUNEDIN, November 12.
The time had arrived when provision should be made for death duty to be paid while the farmer lived, said Mr N. M. Peryman. pastoral inspector of an insurance company, in a paper to the New Zealand Grassland Association’s conference in Dunedin today. This, he said, should be done like P.A.Y.E. so that substantial additional capital was not required on death. ‘‘The problem could be overcome easily by allowing farmers, or any other business project for that matter, to form death duty trusts where regular sums could be paid in by way of cash, stock shares or premiums on life policies," he said These payments should be subject to gift duty and not treated as an income tax exemption. The assets of the trust, however, should be exempt from estate- duty, but made immediately payable to the Crown, which would in no way be the loser as far as income tax is concerned.”
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Bibliographic details
Press, Volume XCVII, Issue 28742, 13 November 1958, Page 16
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166DEATH DUTY PROVISION Press, Volume XCVII, Issue 28742, 13 November 1958, Page 16
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