43536-1915-Supplementary-Bills-read-a-first-time--Estate-Duty — Page 15

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Section 18 introduces an important innovation calcu

lated to prevent the non-disclosure of property. A schedule of the property of a deceased person must be annexed to the grant and it is the duty of any person before dealing with the property of a deceased person to satisfy himself that the property with which he proposes to deal is included in this sche ule: A penalty of $500 is prescribed for non-compliance with the provisions of this section.

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19 sub-section (1) re-enacts the existing law Sub-section (2) is new and is inserted with a view to prevent the concealment of the property of a deceased person by making it obligatory for persons con- cerned to inform the Commissioner of the existence of such property at the ear- liest possible moment after such deceased person's death,

20 throws the onus of disclosing the property of a deceased person, in certain cases, on the person having knowledge of such property. The cases are those in which deceased persous have had an interest in a shop, bank or other business under- taking. The Commissioner has little op- portunity of discovering such an interest unless it is disclosed; evasion has been, it is thought, very prevalent in the past. It is hoped to minimise this evasion by imposing upon the manager of such shop, bank or business the duty of making a disclosure.

21 is an innovation and provides for the filing of adequate accounts by an Executor should he be called upon so to do by the Commissioner. In the past the only manuer in which an executor could be compelled to file any accounts was by means of an application made to the Court by a party interested. This procedure was cumbrous and very rarely used.

22 gives the Commissionér power to reduce any

penalty incurred under the Bill.

The First Schedule amends certain portious of the existing law which, with one exception, are dealt with by this Bill. This exception is the amendment of section 19 of the Probate Ordinance, 1897. At present the Official Administrator can only deal summarily with estates not exceeding $50 in value. This limit has been found in practice to be too low and by this amendment it is raised to $250.

The Second Schedule sets out the rates at which Estate Duty shall be charged. These rates are the same as those in force at present,

The Third Schedule contains tables of the values of anunities for use in the calculation of estate duty on life interests. The tables are taken from the law in force in Fiji.

J. H. KEMP,

Attorney General.

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