SOLDIERS’ ESTATES

Camp News, Volume 1, Issue 26, 7 June 1940, Page 4

SOLDIERS’ ESTATES

Exemptions From Death Duties STATEMENT BY MINISTER Reference to the exemptions from estate and succession duties for soldiers’ estates was made recently by the Minister of Finance, Mr. Nash. He said that judging from a report, of a recent meeting of the Wellington Chamber of Commerce there was a certain amount of misunderstanding on the subject. He was anxious to have the exemptions which were made in last year’s Finance Act (No. 2) clearly understood. “That Act,” said Mr. Nash, “made exactly the same concessions as were granted in 1915 in respect of the last war. No estate duty is payable on those parts of the deceased soldier’s estate left to his wife, father, mother, and children up to -the value of £SOOO in respect of each beneficiary. In addition to that, the amount left by the soldier to each of those beneficiaries up to £SOOO in each case is exempt from succession duties. “It will be seen that this provision amply covers those persons who stand-in a special relation to a soldier and are likely to be dependent on him. Where the soldier leaves his property to his wife, children or parents no duty, whatever is likely to be payable except in the case of large estates, and even there duty is payable only on the balance after allowing; the exemptions. If other relatives and strangers are the ‘ beneficiaries the usual, exemption of the first £SOO of each bequest or legacy from succession duty will still apply. . . . • “The concessions,” said, the Minister. “are generous, but are amply justified, and I hope that they will be clearly understood by our soldiers, sailors and airmen as well as by, the general public. Nevertheless, no one will suffer through ignorance of the provisions made as the Commissioner of Stamp Duties will allow the exemptions in • every case without the necessity for any claim being made.”