INCREASING TAXATION

Waikato Times, Volume 93, Issue 14492, 15 October 1920, Page 5

INCREASING TAXATION

DEATH AND SUCCESSION DUTIES. TO PRODUCE AN EXTRA £250,000, LARGER ESTATES HIT. (By Telegraph,—Special to Times,) WELLINGTON, Friday. A Rill amending the death duties was introduced in the House of Representatives lasi night. It is estimated hy the Prime Minister to produce about £250,000 extra revenue which happens to lie the amount required for the increased butler subsidy. Mr Massey said that the proposed rates were not excessive in comparison with other countries. The Bill increases Hie exemption from estate duty from £SOO to £IOOO, and there is no increase on the rales up to £ 1000, hut after that the new scale exceeds-the old scale. It is nine per cent instead of seven per rent mi £20,000. and rises (j a maximum of 20 per rent on an estate of £IOO.OOO, as against the old maximum of 15 per cent on £115,000. ’the succession duties arc varied considerably in Hie case of a wife. For example, the present law allows an exemption of £20,000 and charges two per cent on larger estates. The Bill reduces the exemption to £IO,OOO and provides that tiie duly shall be two per rent up to £20.000 and four per cent if the succession exceeds £20,000. The gift duly is also increased.