38457-1914-Supplementary-Estate-Duty-Bill — Page 11

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.