Estate Duty.

Oral Answers to Questions — National Finance. – in the House of Commons on 2nd July 1942.

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Dr. Russell Thomas:

asked the Chancellor of the Exchequer whether value payment claims payable at an indefinite date by the War Damage Commission are added to estates, thereby increasing the Death Duties payable on the actual present value of an estate?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

A value payment under Part I of the War Damage Act, 1941, is added to other property passing on the deceased's death for the purpose of determining the rate at which Estate Duty is payable on the estate and a provisional estimate of the amount of the value payment should be made for that purpose. Duty in respect of the value payment will not be collected until payment is received.

Dr. Thomas:

Does my right hon. Friend think it is fair to the executors to charge this extra rate of Death Duty, and does he not think it is an inequitable way of obtaining money?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

No, Sir, I do not consider it inequitable.

Photo of Sir John Mellor Sir John Mellor , Tamworth

How can the present value of a future payment be calculated, when the date of that payment is uncertain?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I would refer my hon. Friend to the War Damage Act.

Dr. Thomas:

As I am not satisfied with my right hon. Friend's reply, I beg to give notice that I shall raise the matter again on the Adjournment.