SOLDIERS’ ESTATES

Camp News (Northern Command), Volume 1, Issue 5, 31 May 1940, Page 8

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 bn the - subject. He was anxious to have the exemptions which were made 1 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 (‘State 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 lo each of those beneficiaries up to £SOOO in each case is exempt from succession duties.

‘‘lt will he 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. M here 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 dutv will still apply. ' ' .

"The concessions?'' said- the Minis-

- ter. “are generous, but are amm . ’ titled, nd' I hope that they' 3 11 clearly understood by our solfl-’ sailors and airmen- as well as hl general public. Nevertheless n I will' suffer through ignorance- of ! provisions made as the Commit of Stamp Duties will allow the ex? lions in every case" without: the 3 sity for any claim being made” ? - V .