Death Duties
Sir, —In this morning’s issue is a released statement made by Mr Nash at the Labour conference at Oamaru. He states that if any farm is in trouble owing to the new death duties, the Government would look into it. He quotes a property valued at £30,000, subject to £9OOO death duty under the new rate, and under £BOOO at the old rate. The comparison is not true, as he must have known. The old rate on £30,000 was 21 per cent., which is £6300, a very different story from “under £8000.” Mr Nash knows that already there are widows in trouble who cannot raise the necessary money. Stock firms do not want mortgages, and private lenders will not lend on mortgage, as they know there is only one end to a property with a mortgage the size of this. This is just a disinheritance tax. —Yours, etc., WIDOW. December 1, 1958. [The amount of estate duty on the £30,000 estate under the 1955 scale was correctly quoted by the correspondent as £6300, said the Prime Minister (Mr Nash) when this letter was referred to him.]
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Bibliographic details
Press, Volume XCVII, Issue 28766, 11 December 1958, Page 3
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188Death Duties Press, Volume XCVII, Issue 28766, 11 December 1958, Page 3
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