LARGE ESTATES

Hawera Star, Volume LII, 6 September 1932, Page 6

LARGE ESTATES

BIG CANTERBURY PROPERTIES

SCHEDULE OF DEATH DUTIES

CHRISTCHURCH, Sept. 1. Among examples of the big Christchurch estates of the past which were obtained to-day, only one, that of the late Mrs. A. Q. Townend, who left nearly £BOO,OOO, was larger than the figure of £750,000 which is regarded in legal circles as likely to be a minimum estimate of the amount left by the late Mr. G. D. Greenwood.

Four big estate quoted totalled slightly more than £2,000,000, built up in country and other properties, share investments and mortgages. There have been, of course, estates other than these four examples worth over £300,000 each, and' several of over £200,000 were mentioned to a “Sun” reporter. The four extmples given are the Townend, Ranald Macdonald, Allan McLean, and Duncan Rutherford estates.

Mrs. Townend, who died in May, 1914, left £796,000. The foundation of this fortune was laid by her inheritance of the Glenmark estate from her father, Mr. G. H. Moore, one of the early Canterbury settlers. Mr. Ranald Macintosh Macdonald, who died on October 21, 1928, left an estate computed at £327,317. Mr. Macdonald was a prominent sheepfarmer, was a director of Tyne, Gould, Guinness, Ltd., and had many other interests.

Mr. Duncan Rutherford left an estate of £372,000 on his death in 1918. One of the biggest Christchurch estates was that of Mr. Allan McLean, who founded the McLean Institute for indigent gentlewomen. Mr. McLean died on November 12, 1907. The total of the M‘Lean estate when it came into the hands of the solicitors, according to a newspaper report of the day, was £596,000. Out of this, some. £300,000 was payable as legacies to various members of Mr. M Lean s family. From the residue, after stamp duty and administration and other ex , peases were deducted, about £220,000. of property was to come into l the hands of the M‘Lean Institute. About £2O 000 of the amount was represented by the Hollylea 'property. It was ascertained to-day that actually tile institute originally received £260,000 altogether, since when another £50,000 has been received from the estate another £50,000 has still to come Tho capital of th e institute at May 31, 1932, is shown as £307,778. Death duties and. succession duties make big claims on large estates. By the Finance Act, 1930, the estate duty payable on estates exceeding £IOO.OOO was increased from 20 per cent. •to 30 per cent. The following schedule of rates of estate duty is contained in the Death Duties Act, 1921:

Final balance Rate of estate. per £ cent. 1000-2000 ....* 1 2000-3000 2 3000-4000 3 4000-6000 4 0000-8000 o 8000-10.000 b 10,000-15,000 • 15,000-20,000 8 20.000-25,000 9 25,000-30.000 B? 30,000-35,000 H 35,000-40,000 12 40,000-45,000 13 45,000-50,000 14 50,000-60,000 15 60,000-70.000 16 70,000-80,000 17 80,000-00.000 18 90,000-100,000 10 Over £IOO,OOO (now) 30 Succession duty is charged on a complete estate, not the amount remaining after the deduction of death duty. The basis of calculation of succession duty varies according to whether the successor is the wife, the husband, the child or grandchild, or other lineal descendant, father or mother, and so on, of the deceased.