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TABLE 7.-Budget Estimate, Exchequer Receipt, and

Net Receipt.

(Estate Duty, Settlement Estate Duty, Probate and Inventory Duty, Account Duty, Temporary Estate Duty, Legacy Duty, Succession Duty and Corporation Duty.)

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£

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1916-17.. 30,000,000 31,232,000 26,099,220 4,149,157 943,769 31,192,146 1917-18.. 29,000,000 31,674,000 26,820,190 3,734,647 1,180,661 31,735,498 1918-19.. 31,500,000 30,262,000 25,056,858 4,505,568 1,237,595 30,800,021 1919-20.. 34,500,000 40,904,000 36,082,932 5,003,826 1,673,219 42,759,977 1920-21.. 45,000,000 47,729,000 39,160,383 6,046,543 1,974,155 47,181,081 1921-22.. 48,000,000 52,191,000 45,554,395 5,709,271 1,257,321* 52,520,987*

GREAT BRITAIN.

1922-23.. 48,000,000 56,871,000 48,968,309 7,526,358 1923-24.. 52,000,000 57,800,000 50,636,917 6,919,910 1924-25.. 56,000,000 59,450,000 52,078,088 6,839,201 1925-26.. 66,500,000 61,200,000 53,889,701 7,440,699 1926-27.. 66,000,000 67,320,000 55,605,702 11,826,089

Excluding Northern Ireland after 21st November, 1921.

56,494,667

57,556,827

58,917,289

61,330,400

67,431,791

9. Certain stocks and bonds, as prescribed by the Treasury in accordance with powers conferred by the Finance Acts of 1917 and 1918, are accepted, under certain conditions, in payment of any death duty. The total amounts of stock and bonds tendered in pursuance of these powers during the last five years are as follows:

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Total Death Duties satisfied

by the acceptance of War Stocks and Bonds. GREAT BRITAIN.

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10. The estimated value of articles of National, Scientific, Historic, or Artistic interest upon which Death Duties were exempted or remitted during the year 1926-27 is as follows:

(a) Articles bequeathed under the Finance Act, 1894, Section 15 (2), to the value of £213,652 have been accepted by the British Museum, Victoria and Albert Museum, National Gallery, National Portrait Gallery, the Universities, and various museums and municipal institutions. (b) Articles, exempted from Death Duties under the Finance Act, 1896, Section 20, and the Finance (1909-10) Act, 1910, Section 63, valued at £345,587 may be detailed as follows:

Pictures and Portraits

Furniture and Tapestries

Silver ..

Sculpture and Ceramics

Books, Prints and Manuscripts
Other Articles

£

207,656

91,352

7,910

1,994

19,049

17,626

£345,587

11. The following Judicial Decisions in respect of Estate, etc. Duties were given in the Courts during the year 1926-27 :—

ESTATE, &c., DUTIES JUDICIAL DECISIONS.

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TABLE 8.-Rates of Estate Duty.

Small estates—where the gross value does not exceed £300 -a fixed duty of 30s. may be paid

Small estates-where the gross value exceeds £300 and does not exceed £500- a fixed duty of 50s. may be paid Estates not exceeding £100 net are exempt.

Where the Net Princi

pal Value of the Estate

Inclusive of all other
Death Duties.

Rate of Duty per cent. when the death occurred :—

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The amount of duty is, where necessary, to be reduced so as not to exceed the highest amount which would be payable at the next lower rate pius the amount by which the value of the estate exceeds the value on which the highest amount of duty would be so payable at the lower rate.

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£

100

500

500

1,000

1,000 5,000

5,000

10,000

10,000

12,500

12,500

15,000

15,000

18,000

4

18,000

20,000 4

4

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12. To avoid double taxation of moveable property situated in a British Dominion which by reason of the same death is liable (i) to the British Estate Duty and (ii) to a death duty in the Dominion, arrangements exist under statutory powers by which, when certain conditions are fulfilled, such property pays only so much duty as is equal to the larger of the two taxes. This result is secured by deducting from the amount of the Estate Duty due in Great Britain in respect of the property in question, a sum equal to the amount of the duty payable in the Dominion. These arrangements are applied either when no duty is payable in the Dominion in respect of property situate in Great Britain when passing on death, or when the law of the Dominion contains provisions reciprocal to those above detailed, and when (in either case) the Dominion determines the situation of any property affected according to the general rules of law applied in Great Britain. Arrangements on similar lines are also in force between Great Britain and Northern Ireland.

TABLE 10.-Death Duties Payable in British Dominions* allowed as a Deduction from British Estate Duty.

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TABLE 11.-Distribution of the Net Receipt, 1926-27.

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NOTE. The various rates of duty applicable to each class of estate will be found in Table 8.

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