BILL TO AVOID DOUBLE TAXATION IN REGARD TO DEATH DUTIES

Wanganui Chronicle, 10 November 1950, Page 5

BILL TO AVOID DOUBLE TAXATION IN REGARD TO DEATH DUTIES

PARLIAMENT BLDGS., Last Night (PA) ' —Designed to remove anomalies and to avoid a possibility of imposing doublt taxation, the Death Duties Amendment Bill was introduced in the House of Representatives today. One of its purposes is to exempt from de/.h duty the value of any pension payable from an approved private superannuation fund to the widow of a deceased contributor. This provision already applies to the Government Supermannuation Fund, and is to be similarly extended to the National Provident Fund. A clause in the Bill also proyides that when an instrument creating a gift has been presented for stamping, the Commissioner for Stamp Duties, may, on application within six months, permit the parties to withdraw the instrument for cancellation or alteration. The Assessment of gift duty will be cancelled or amended accordingly. Where any gift duty has been imposed on a reservation or benefit 'to the donor, any subsequent gift out of that reservation is to be relieved from duty to the extent that it has already been taxed. This provision is intended to avoid the payment ot double duty. The Minister of Stamp Duties (Mr Bowden) said the proposed changes were not likely to have any great effect on revenue. However, they removed anomalies and would be welcomed by the Law Society. The Bill was referred to the Statutes Revision Committee.