Estate Duty (Determination of Life Interests).

Oral Answers to Questions — National Finance. – in the House of Commons on 3rd February 1942.

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Photo of Sir John Mellor Sir John Mellor , Tamworth

asked the Chancellor of the Exchequer whether he is aware that the revenue authorities contend that Section 43 of the Finance Act, 1940, applies where executors, in order to give effect to a bequest of an annual payment for life and facilitate distribution of the residue, purchase an annuity from an insurance company; and whether, in view of this contention having given rise to a possible liability, contingent upon the death of the annuitant within three years from the date of purchase and incalculable until such death, he wilt take steps to amend the said section or otherwise remove an obstacle to the winding up of many estates?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I am not altogether clear as to the type of case which my hon. Friend has in mind; but if he will furnish me with particulars of any case, I will have inquiries made.