GIFT DUTY.

Stratford Evening Post, Volume XXXI, Issue 68, 3 November 1911, Page 8

GIFT DUTY.

THE AMENDED LAW

Some confusion exists in tho public mind about the scope of the recent amendment of the Death Duties Act in relation to gift duty. Generally speaking, the new law provides exemption up-to a total of cIOOO, against tiio £f>oo of tiio Act of 1909. r i no text of tho amending section, No. 8, is:—

i. No gift rally shall he payable oa any gilt, the value of which, together with tho value of all other gifts made at the same time, or within twelve months subsequently or previously and whether before or after the commencement of this Act) by tho same donor to tho saute or any other beneficiary, otherwise than by way of a charitable trust, does not exceed CiOOO.

2. When any gift of a' loss value than £IOOO becomes subject to gift duty in accordance with this section by reason of another gift made subsequently thereto, the statement required to be delivered to the Commissioner in respect of the hitter gift shall include particulars as to tho earlier gift in the same manner as if that gift had been dutiable when made, and gift duty shall bo assessed and payable accordingly. 3. Section -1! cf tho principal Act is hereby repealed, but shall, nevertheless, continue to apply to any gift made before tbs c ommencement of this Act, so as to make gift duty payable in accordance with that section on any such gift if followed, after the commencement of this Act, by another gift from the same donor to the same beneficiary.

Tho repealed section (! I) of the principal Act states:— 1. No gift dirty shall lie payable on any gift, tho value of which, together with the value of all other gifts made at tho same time or within six months previously or , subsequently by the same donor to the same beneficiary, does not exceed £SOO. A sub-section is identical in text

with sub-section 2 of the amending section, except on the statement of tho amount involved—£soo under the old law, and £IOOO under the now law.