211
Fourth Schedule, Continued.
WHERE THE PRINCIPAL VALUE OF THE ESTATE
ESTATE DUTY
SHALL BE PAY-
ABLE AT THE
RATE PER
CENT OF
Exceeds
450,000 and does not exceed
500,000
11
}}
29
J
22
12
43
500,000 550,000 600,000 650,000 700,000 750,000 800,000 900,000 1,000,000
""
550,000
12
27
11
600,000
13
22
37
650,000
14
22
12
700,000
15
11
y
""
750,000
16
"
"J
5
"
800,000
17
2)
"
多赏
900,000
18
1,000,000
19
}}
}
1,250,000
20
1,250,000
29
19
*
12
1,500,000
21
1,500,000
20
"}
}}
1,750,000
22
>>
1,750,000
13.
"
2,000,000
23
2,000,000 2,500,000
32
11
2,500,000
24
11
J
""
27
3,000,000
25
""
3,000,000 3,500,000
27
92
19
3,500,000
26
J
''
4,000,000
27
""
4,000,000 4,500,000
"
"}
4,500,000
29
"}
27
>>
5,000,000
31
??
5,000,000
J
11
"
??
7,000,000
34
37
7,000,000
10,000,000
37
"
17
10,000,000
15,000,000
40
""
"1
34
15,000,000
12
"
"}
""
20,000,000
43
20,000,000
22
>
27
12
21
25,000,000
"
"
25,000,000 30,000,000
46
49
11
30,000,000
52
Objects and Reasons.
1. This Bill, when passed, will add as a Fourth Schedule to the principal Estate Duty Ordinance a new Schedule of Estate Duty Rates payable on the estates of persons dying on or after the 1st day of April, 1941.
2. The present rates, payable on the estates of persons dying on or after the 1st day of July, 1936, are given in section 4 of Ordinance No. 26 of 1936, and of those who died before that date in the First and Second Schedules to Ordinance No. 3 of 1932. Those rates will not be changed in respect of any deaths before the 1st April, 1941.
3. It will be seen by comparison between the Schedule in Clause 3 of this Bill and the Schedule in section 4 of Ordinance No. 26 of 1936, that where the principal value of the Estate does not exceed $300,000 there is to be no increase of duty, but then the duty rises by stages of one per cent. until a duty of 27 per cent. is payable on estates not exceeding $4,000,000; it then rises by two per cent. stages until a duty of 31 per cent. is payable on estates not exceeding $5,000,000; and thereafter by three per cent. stages until 52 per cent. will be the rate for estates exceeding $30,000,000. The present maximum is 20 per cent. on estates exceeding $20,000,000.
4. The reason for the increases is the necessity of finding revenue to meet increasing expenditure.
C. G. ALABASTER,
Attorney General.
January, 1941.