LAND GIFT TO SON

New Zealand Herald, Volume LXXIV, Issue 22822, 1 September 1937, Page 17

LAND GIFT TO SON

VALUE QUESTIONED SLIGHT REDUCTION MADE [from our own correspondent! HAMILTON, Tuesday An appeal against the Government valuation of an area of 77 acres which appellant had given to his son was made bv the Hon. J. Cotter, AT.L.C., before Air. J. G. L. Hewitt, S.AI., at Alataniata. Air. W. A Gordon opposed the appeal on behalf of the Valuation Department. Air. J. Buchanan, who appeared for appellant, said his client, a retired farmer, made a gift of 17 acres to his son a few months ago. The area was then valued and assessed for gift duty at £2050. Appellant said he wanted to emphasise that he was not there to object to the gift duty r>f £lO3, but to protest against the high valuations which wouhHead to another gamble in land. Evidence was given by Alexander Hannan, Government valuer, showing how he had arrived at the value of £'2050 for the 77 acres. The magistrate held that there was nothing iir the evidence to justify him in reducing the valuation, but in case there was any doubt that the Crown was receiving more in gift duty than it should lie would allow 5 per cent reduction for that reason alone. It was decided to equalise matters by taking 2} per cent off the unimproved value"and 2| per cent ofr the capital value. Judgment was entered accordingly- _______