38479-1914-Supplementary-Bill-read-a-first-time--Estate-Duty — Page 11

354

THE THIRD SCHEDULE.

Tables of the values of annuities to be used for the calculation

of estate duty on an interest in a property, an annuity or annual sum of money for life. The values of an annuity of $100 per annum held on a single life.

Years of Age.

Value.

Years of Age.

Value.

Years of Age.

Value.

$

$

$

Birth

916

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

Ge

366

5

963

37.

770

69.

352

6

960

38.

762

70.

338

7

936

39.

753

71.

325

8

951

40.

743

72

311

9

945

41.

734

73.

298

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.

:06

16

891

48.

650

80.

190

17

883

49.

635

81

175

18

876

50.

621

82.

160

19

870

51.

606

83.

146

20

864

52..

592

84.

131

21

859

53..

578

85.

117

22

856

54.

565

86.

103

23

853

55.

551

87.

92

24

850

56.

536

83.

82

25

847

57

525

89..

74

26

843

58.

512

90.

66

27

838

39.

499

91

61

28

933

60

486

92.

53

29

୫୬୫

61

471

93.

46

30

822

62

157

94

89

31

816

63

441

95.

32

Objects and Reasons,

The object of this Bill is to ondeavour to place upon a more regular and satisfactory footing than at prosent obtains the law and the administrative arrangements relative to the payment and collection of the Probate Duty leviable upon the estutes 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 au individual to his legal personal representatives. The pro- portion of an estate which is in this way diverted to revenne varies as a rule directly with the value of the property of which the decensed person died possessed.

of

In order to arrive accurately at a determination of the value of a deceased person's property for the purpose ascertaining the rate at which Probate Duty should be assessed and the total amount payable, it is necessary to provide administrative machinery adequate for purpose.

this

The first step towards the attainment of this object is as a rule legislation prohibiting under penalty any person from nulministering 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.