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Estate Duty

Volume 526: debated on Tuesday 6 April 1954

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12. Estate duty ( Valuation of certain company shares or debentures and assets)

Resolved,

That the provision made by section fifty-five of the Finance Act, 1940, for valuing shares or debentures by reference to the value of the company's assets ought to be amended, notwithstanding any resulting charge to estate duty, and section fifty of the Act ought also to be amended so as to provide that in valuing a company's assets (whether for the purposes of section fifty-five or of section forty-six of the Act) an allowance may in certain circumstances be made for taxation falling on the company after the death.

13. Estate duty ( Aggregation of settled property with other property)

Resolved,

That it is expedient to restrict the provision made by subsection (3) of section sixteen of the Finance Act, 1894, as amended, for not aggregating settled property with other property.

14. Estate duty ( Policies of assurance)

Resolved,

That new provision ought to be made for charging estate duty on policies of assurance on the life of the deceased.

15. Estate duty ( business assets)

Resolved,

That, if any Act of the present Session relating to finance provides for charging estate duty at reduced rates in respect of particular types of business assets, it may in connection therewith contain provision as to the manner of apportioning the liabilities of the business between the assets thereof, notwithstanding any resulting increase in the charge on some of the assets.