Dáil Éireann - Volume 38 - 06 May, 1931 - Financial Resolution No. 11


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Dáil Éireann - Volume 38 - 06 May, 1931

Financial Resolution No. 11—Death Duties.

Mr. Blythe Mr. Blythe

Mr. Blythe: I move:

(1) That, subject to the provisions of this Resolution, the scale set out in the Schedule to this Resolution shall, in the case of persons dying on or after the date of the passing of the Act giving statutory effect to this Resolution, be substituted for the scale set out in the Fourth Schedule to the Finance Act, 1926 (No. 35 of 1926), as the scale of rates of estate duty.

(2) That where an interest in expectancy within the meaning of Part I. of the Finance Act, 1894, in any property (other than property deemed to pass on a death by virtue of a Financial Resolution of even date with this Resolution) has before the 6th day of May, 1931, been bona fide sold or mortgaged for full consideration in money or money's worth, then no other duty on that property shall be payable by the purchaser or mortgagee when the interest falls into possession than would have been payable if this Resolution had not been passed, and in the case of a mortgage any higher duty payable by the mortgager shall rank as a charge subsequent to that of the mortgagee.

SCALE OF RATES OF ESTATE DUTY.

Principal Value of the Estate				Rate per cent. of Duty
	£		£
Exceeding	100	and not exceeding	500	1
,,	500	,, ,, ,,	1,000	2
,,	1,000	,, ,, ,,	5,000	3
,,	5,000	,, ,, ,,	10,000	4
,,	10,000	,, ,, ,,	12,500	5
,,	12,500	,, ,, ,,	15,000	6
,,	15,000	,, ,, ,,	18,000	7
,,	18,000	,, ,, ,,	21,000	8
,,	21,000	,, ,, ,,	25,000	9
,,	25,000	,, ,, ,,	30,000	10
,,	30,000	,, ,, ,,	35,000	11
,,	35,000	,, ,, ,,	40,000	12
821 822 [821][822],,	40,000	,, ,, ,,	45,000	13
,,	45,000	,, ,, ,,	50,000	14
,,	50,000	,, ,, ,,	55,000	15
,,	55,000	,, ,, ,,	65,000	16
,,	65,000	,, ,, ,,	75,000	17
,,	75,000	,, ,, ,,	85,000	18
,,	85,000	,, ,, ,,	100,000	19
,,	100,000	,, ,, ,,	120,000	20
,,	120,000	,, ,, ,,	150,000	22
,,	150,000	,, ,, ,,	200,000	24
,,	200,000	,, ,, ,,	250,000	26
,,	250,000	,, ,, ,,	300,000	28
,,	300,000	,, ,, ,,	400,000	30
,,	400,000			32

This is raising the scale of the death duties. It really affects estates over £120,000 in value.

Mr. Good Mr. Good

Mr. Good: Are we to understand that estates under that value will not be affected?

Mr. Blythe Mr. Blythe

Mr. Blythe: Yes.

Mr. MacEntee Mr. MacEntee

Mr. MacEntee: Could the Minister tell us the number of estates liable to estate duty in the year 1928-29 which exceeded that value?

Mr. Blythe Mr. Blythe

Mr. Blythe: If the Deputy would put down a question I could get him that information. There is a certain number of estates of that value liable for tax.

Mr. MacEntee Mr. MacEntee

Mr. MacEntee: Would it be correct to say that there is only one estate above £150,000 valuation?

Mr. Blythe Mr. Blythe

Mr. Blythe: That might be.

Mr. MacEntee Mr. MacEntee

Mr. MacEntee: So that the increase is more spectacular than real.

Mr. Blythe Mr. Blythe

Mr. Blythe: It is estimated, taking one year with another over a period, that £20,000 to £30,000 a year is involved.

Mr. Good Mr. Good

Mr. Good: So that the same man cannot be dying every year.

Resolution put and agreed to.

Dáil Éireann 38 Financial Resolution No. 11—Death Duties.

General Debate

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