DEATH DUTIES

Press, Volume XCIX, Issue 29206, 17 May 1960, Page 8

DEATH DUTIES

Farmers’ Attack On Rates

Concern at the rates of death duties was expressed by the chairman of the agriculture section of North Canterbury Federated Farmers (Mr R. O. Rainey) in his annual report to the section conference. “Valuations as well as taxation have doubled over the last few years,” said Mr Rainey. “No relief was forthcoming from the Government and recently a statement has been made that no reduction in taxation can be expected. “It is pleasing to note that other organisations are also commenting on the unfair burden of death duties. The loss of capital in paying this tax is a brake on production and expansion of any business,” said Mr Rainey. “The family unit has often been described as the basis of our New Zealand way of life. When the family carries on the business surely the capital should be left with the individual to. produce to the utmost —a gain to the whole community," he said. “A graduated scale of duty giving consideration to children and larger families would certainly help to build up production and aecurity," said Mr gave .tome of agricultural death duties in England. “On estates valued from £15.000 to £40,000 the tfhgllsh duty is approximately oire-Uxird of that in New Zealand, and on estates valued at £50,000 to £lOO.OOO the Now Zealand duty is more than double," he said.