F
312
THE THIRD SCHEDULE.
Tables of the values of ammunities to be used for the calculation
of estate duty on an interest in a property, an annuity or annual sum The values of an annuity of $100 per annum held
of money for life. on a single life.
Years of Age.
Years of
Years of
Value.
Age.
Value.
Valne.
Age.
$
$
Birth
946
32.
809
64..
426
1
953
33.
802
65..
410
2
958
34.
795
66...
395
3
963
35.
787
67.
380
4
964
36.
779
68
366
963
37
770
69.
352
6
960
38.
762
70.
338
7
956
39.
753
71.
325
951
40..
743
72.
311
945
41
734
73.
298
C
10
939
42.
723
74.
284
11
932
43.
713
75.
270
12
924
44
701
76.
255
13
916
45.
689
77.
238
14
908
46.
677
78.
222
15
900
47.
664
79.
206
16
891
18.
650
80.
190
17
883
49.
635
81
115
18
876
50..
621
82.
160
19
870
51.
606
83.
146
20
864
52..
592
84.
131
21
859
53..
578
85.
1.17
22
856
54.
565
86.
103
23
853
55.
551
87.
92
24
850
56.
536
88.
82
25
847
57.
525
89.
74
26
843
58
512
90.
66
27
838
59
499
91.
61
28
833
60
486
92.
53
29
828
61
471
93.
46
30
822
62
457
94..
39
31
816
63.
441
95.
32
:
Objects and Reasons.
The object of this Bill is to endeavour to place upon a more regular and satisfactory footing than at present obtains the law and the administrative arrangements relative to the payment and collection of the Probate Duty leviable upon the estates of deceased persons.
The general idea underlying the levy of Probate Duty is that the State is entitled to participate to some small extent in the property which passes on the death of an individual to his legal personal representatives. The pro- portion of an estate which is in this way diverted to revenue varies as a rule directly with the value of the property of which the deceased person died possessed.
In order to arrive accurately at a determination of the value of a deceased person's property 'for the purpose of ascertaining the rate at which Probate Duty should be assessed and the total amount payable, it is necessary to provide administrative machinery adequate for this purpose.
The first step towards the attainment of this object is as a rule legislation prohibiting under penalty any person from administering or dealing with the estate of a deceased person until Probate of the deceased's will or Letters of Administration of the deceased's estate has been duly obtained.