NEW BILLS.

Dominion, Volume 3, Issue 672, 24 November 1909, Page 5

NEW BILLS.

DEATH DUTIES. v ;\ i ■ ;; ;;' .r SCALE,OF BATES.'"•■'"•■ : ••',■'. '■ According : to the memorandum attached to the Death' Duties Bill, it imposes, two descriptions : of duty—namely,; death .duty, in' respect of •: the .estates of deceased persons; and gift duty, in respect of gifts made'by,a,person in his '•. lifetime. 'The former lis substituted for the: duty imposed by. the; Death Duties Act, 1908, while the latter takes; the place of the deed-of-gift duty imposed by tho Stamp Duties Act, 1908. Death/duty is itself'of two kinds— namely, .estate duty and succession duly. ;The former corresponds to tie estate duty payable in England, while the latter corresponds; to the two distinct duties known in England as succession duty and legacy duty. Some estates will pay estate duty and no succession duty; othors will pay, succession duty and no estate duty; while many,will pay both of,those duties.' - Estate duty is imposed on the aggregate value of the whole estate of tie deceased after doducting debts and-liabilities. It is assessed at a graduated rate rising from 1 per cent in tho case of estatesof JSSOO, to 7 per cent. • in tho case of estates of w£20,000, and increasing thereafter'by increases of 1-S per cent, for every additional JBSOOO, until a maximum rato of 15 por cent, is reached. No'estate duty is payable on estates not exceeding X 500," ■ The rate of estate duty does not depend- in any manner upon.the persons who are entitled to the property under the win,or intestacy of the deccasedj.it depends solely upon the total value-of tho estate. This rule,/ however! is subject' to the exception : that'if; the wholo estate:does not exceod £5000 and is left absolutely to the.widow.of tho.'deceased,"it'.is' exempt even from.estate duty.' •: >' '.-• Estate duty is. imposed. only ; .'upoii..pfoperty' situated in New Zoaland,,but for this purpose personal property is. deemed to bo situated- in New Zealand, if'tho deceased ownor was domiciled in Now Zealand at the time of his death, oven though in fact.the, property may, be situated elsdwhere.. This is in conformity with English law.' Dne provision is made, to insure that tho ,satne' property will not be subjected to double taxation, jn ■ Now- Zealand and. also in soino other country..' '-..;. ~ ; . Where the deceased-leaves property -both ih New Zealand and elsewhere, his* debts' andaiabflities'are apportioned"between'the New-Zea.i

land assets and .'the:-foreign assets; and 'the value of the New Zealand estate is determined . accordingly, ..-.■•• ..-. .-;- Estate duty'is imposed'not merely'upon the property of tbe deceased which vests in his executor or -administrator' under' his will- or •intestacy, but also on certain other property which for this purpose is doomed to form part of his estnteifor example 1 ; an ontailed estate, property oyer which the deceased possessed a general power of .appointment, life-insurance policies maintained by tho deceased out of his own moneys but in tho name of anothet person,, gifts made by the deceased within three years of his death, and settlements of property to take effect, on tho death of the deceased, are contained in English Jaw, and are necessary iu'ordcr to safeguard tins duty against successful evasions.' , •AJnlikc-estate'duty,-succession duty is'imposed not upon tho. aggregate property of the deceased, hut.upon each separate interest taken in that properly by tho several persons who succeed to the estate, whether as-legatees, devisees, or otherwise. The rate'of the duty depends upon the relationship between tho successor and the deceased. A widow,'child, fir grandchild pays no succession duty unless , tho. valuer ofvthe succession exceeds .£20;000,. in wliich case succession duty at 2 .per cant, is payable; a man who succeeds to. his wife's property pays_2 per cent.; other relatives not more remote than a cousin pay 5 per. cent.; more remote relatives, and strangers in blood, pa i T ° K," 114 -' - nntl in-all. those cases, if tho )aiue ot tho succession' exceeds .£20,000, duty " I ,l™ ra Sian»^ o ll' lb,tlloSC rntes "I'-tho Surplus above .£20,000. ho succession dutv is payable °n any pronorty loft on trust for any charitable, educational, religious,' or. other public purpose in New Zealand-that is to say, on any .eharitahlo trust" within the technical meaning of that-term. ■= ■■* ■■ ■ *f ™der -£500, are exempt from estate duty, .they pay succession duty m Hie same manner as larger estates. Thus, °tn Ma f d IcaV ? s h ! s ,rhole estate worth ASOO to a .stranger m blood, it will pay succession duty at 10 per cent,;, but if ho'leaves .it to Ins widow or children, it will pay neither ostatc nor .succession duty... If he leaves on estate worth ,620,000 to his widow and child! ion or to a chanty,;it,will pay ostato,duh- at 7 por cent, hut no succession duty; hut if he 'leaves such, an estate to a remote-relative or! :^,'A •sfeflnßer m Wood, it ;will pay ' both estate duty at 7 per cent, and succession duty at 10 •per. cent.. ~.--■ •' • Gift duty, is .imposed upoiv all gifts Imado Dy, any person m his lifetime, with 'Hie e\,ception of- gifts lei, than in vnl, "' and of gifts on any eharitahlo trust. "Tlie rate nt duty IK'S tier cent, of the valnc'of .tho gift from the eMsi-ngdeed-of: gift duty in two chief respects;'.. ' , (1> 3! 1 , e *i n ° w Mv-is-'posisd". on .all' gifts whether made by. an instrument in'writing or not,,.i\'lißreasoHiln existing dutv is .merely ;i stamp 'duty imposed Upon"the . instrument- of gift' (it any)., Consequently SSL mon ° r lilld o ! l,er «'fts. without writing, great ■in value; now • >'« m, eapc dut 3'- '.: : (2)-The existing'duty.is. levied'at the same 1 rate .• as tho existing ■ death duty, -. and .therefore depends.partly. .on'the aggregate "value of. tho donor's estate, and' ■'-''"■ P j X °? th S -relationship,between him' nnd the benehciary, instead of depending . solely on.the. amount of .'■ -.. of estate duty .and : succession duty, \ *m i M a ?- d ' ls n mail ° sub i ect to a special ■ duty Z e il at "! S^ ccessi ? n Dut > T > at »& rata bfl pcr- cent.-, of. the value; of the' property in-' 1 eluded in:each succession order issued by tho Native Land Court. -\ , Successions , under '.'the value ot ,£2OO are exempt. : ■' ■""" duty^i° 110 " ing ;| is . > cale . tf-rates., of" estate J :.;.'';-./>:■; '•;'. : ,,» ,>.--. _'..- ; '-.;^.;,' : ;.'Rate ■:..':■ Final Balance- of, ;'Esrato.' '.'/ Cent hES(|O but not exceeding .£I,OOO - 1' " !; ' ''■Si'SSS■-■'■ '■''•»' ' -£2,000" 2' I ■;;■■■»• : **•"»•• .-.. :.^w^ ■■< :"---r- ■■■'-■■<■■>■■■*■ -- -■'~":'^.000.-:3.' '•:.■:>!.'■■> "S'SSS-S-- •'■ '■•■ '■'■■ »'. ; .£7,000. i •■■ ~ . .;,. £7,000 ..•"...„. ... .£B,OOO ih , .;■':■•,;"■.-•■.■; iC8,000; ; -.•<• ,• ", -iegooO'vll ■:■•»■■■ t?Af n '■-■■■■■ '■■fiioooo's ■■■"■ isß . . - * JC16.000 6 ■ ■■" ■■ -'-SSi -- ' : - •>•■■'- " -fi13,000 .'fij :-■•. '■'.: : :.^.™° ! ' '' "'..:■,". v-'"i20,000- 63 ■■ ; ;..„.. , £20,0m\ . „-::. ,£25,000 7, -.- ~ » 7 per'cent.,: together with ah '.additional percentage, of 0ne- ..,•,..: ... ■ ii.third • per cent.- . for-.•■every v ~.'.'•-• ..;■'. ~£SOOO ,or..part of JCoOOOlin exu;ij : ..■:•••:•■■ ee.s.^ol;the,.suni.-of jE25,000, ■;■.'..■■ I. '...;■ Vr- '.;. Put -sb : that; the" rate: of es-- .".-.".'• ."i'.:■.'-■•!• , ' : ; tato "Jintf.; 'shall-'not-'in''any ,'.-'.- caso exceed 15 per cent.. •

'.-' : ::'FACTOR JES' ACT AM EN D M ENT7'':'-'• «;;The:l"actories Act Amendment Bill was circulated ..lastnight. ■It provides that.in every factory the occupier shall, keep a wages, and overtime ,book,, showing (a) ■ the .name of, each employee,.;together-: with -his .age. if. under 20 yoays;(b) the kind-ofiwork on which he is employed; (c). (he hours of. his employment during: each. week;. (d) the wages paid each week;: and (e),.such; other.-particulars'.are are' prescribed by regulations.- The bcokshall.be open'-to inspection by, the inspector, who may require the entries'to be verified. \ • '.-:. .-.'.- .

■■■ 'Now' 'provisions relating. to the hours . of cnU ploynient'in laundries are included, to'apply to every .laundry in- which'-two or more/persons,'' whether employee's :.of; not,' are engaged. The hours that any. male parson over .the 050 of 10 years' may .be .'employed shall' not ..exceed 48 hours (excluding meal hours) in anyone week, anyone day, nor shall;any srich -person: be -employed for more .than five hours' continuously without- an •;.interval of at least! three-quarters of, an hour for. a meal.' Tho 1 hours that,, any woman or." boy may', bo employed 'shalDwt.exceed 45/(excluding meal times) in any .ono week, nor ; B} hoursiin'any ono day, .noV shall any such person.be employed for more,.than 4J hours.continuously (Without an. interval of. three-quarters of an: hour .for n meal.-'" .--. The.,' number of. -'. working' hours may,; be' .extended,-""but',"not. (a) / for ./more than,, three .hours, in, . any' day; ' (b) on more than' two consecutive :.days ,in any week;,(c) for more than 90 hours.in any year, except' in aity- exceptional case,'vjhen.the;additional "extension shall;not exceed 30 in any year; (d) in the-case of '.any> person, who is an ■'.employee on any holiday or half-holiday. Except when extended hours are being; worked no person shall be. engaged in laundry 'work in a laundry between the hours of 7 ( in the.evening of, any day and quarter, to 8 in the morning' of tho following working day. If the" inspector is; of opinion that any extension would be hurtful to-the health, of-any: woman or boy, he shall refuse to grant, a warrant:'- Every; Person' who, being an employee, is employed' during other, than hours prescribed, shall be paid not' less than one-fourth: as much again as tho ordinary rate, provided that where the ordinary: rate is, by time, and not by piecework the overtime rate shall not be less than. 6d. per hour for those'persons whose ordina/y wages do not exceed' 10s. per week, and 9d. per hour-for all other persons. The last-mentioned: clause shall not the case; of any laundry in which the,occupier.and his wife or her husband, as the case might'be, are the only; persons engaged in laundry-work. .-"'■ : NAVAi.>DEFENCE.y "!; ,' Under tho Naval' Defence' Bill the Minister for Finance. is. empowered. to ! contract,.; either j with the commissioners-for executing- the of-'' nee of Lord' High Adiniral'of the United Kingdom or with, any other'person or,.persons, for the building and complete "arming and' equipment in the/United Kingdom of a.'ship"of war. ' The total cost of. the ship, including tho cost of "the: equipment aiid' arming/ shall not I exceed 'two -million, pounds.:."..: -'■': ,-■ '-. '■■ The ship shall lie the property iof his | Majesty the King, and'shall form part of the Boyal Navy, free from/any control or author>ity. exercisable, by the Parliament or Executive Government of New Zealand, -

' ■ For the purpose of providing all '■ moneys that be required for the purpose of building, arming, and equipping the ship, the Minister is empowered to raise from time to time, on thosecurity of.and charged upon tho public revenues of New Zealand, such sums 1 of money (not exceeding in the-whole the sum of two million pounds) as he thinks fit. ' The sums so ; ; raised'. shall.", bear ■ interest at such.rate;(hot exceeding throe and a half,per centum'per. annum) as the Minister for' Fi,hance prescribes. '.■'-. ■: .All sums «v raised shall be paid into the - Consolidated Fund'to the credit of" a separate account to be called ."the Naval, Defence Act Account, and ehollfrom time to time bo applied ;.by the: Minister,' without, further authority than this Act, to, the 'purposes for which.those sums were so raised.•■■■'■'■.'"--"•" .For the purposo of providing a sinking fund' for the repayment ;of the loan'the Minister shall in each financial; year, without further ■ B, iM O l!s r '-'# a s Vt i lu -i.^ ot i. pa ?- out °f'the Consolidated Fund to „tho Public- Trustee a sum equal, to four per centum of -the capital sum which: at the commencementof,,that nuanoWl year, re owing., m j-espect of; any such: loan. . ■■ , .All sums so paid, to, the Public-Trustee shall Jjf. c r®" lte « °rhim,to,an account to'ibocalled '■tho. Naval Defence.Sinlring Fund,*'-and shall, together £i with:. all interest .and - other' profits' domed thcMrora.;bo;invested by him' S securities; as arei fromitime, to timo authorised by theGovernor-in-Couneil.in.that.behalf; and any .such .investment <inay. from time to- tinio'J be cMnged-aa tho-PtitiUoTrrostee:thtnkß;fit..■ : |