DEATH DUTIES

Otago Daily Times, Issue 24696, 27 August 1941, Page 2

DEATH DUTIES

PAYABLE BY WAR LOAN STOCK ACCEPTABLE AT FACE VALUE (P.A.) WELLINGTON. Aug. 26. The Reserve Bank has received inquiries from different parts of New Zealand asking whether the death duty stock issued in terms of the war loan prospectus is available for death duties at its face value. The bank states that the position is that on the death of the stockholder at any time before the maturity date of the loan the stock will be accepted at par by the Commissioner of Stamps in payment of death duties in the estate of the deceased holder. Therefore, every £IOO of death duty stock subscribed for will be accepted in payment of an equivalent amount of death duties. All that is necsssary is for the subscriber to show on the application form that the security is required to be issued in the form of death duty stock. On the subscriber’s death, the executors in the estate may transfer such stock to the Commissioner of Stamps, who will accept it at face value and apply the proceeds towards the payment of the death duties.