Hostname: page-component-cd9895bd7-gvvz8 Total loading time: 0 Render date: 2024-12-22T10:23:06.110Z Has data issue: false hasContentIssue false

Estate duty on life policies and annuities

Published online by Cambridge University Press:  11 August 2014

Get access

Extract

When I was invited to address the Society on some legal subject of my own choice, it was natural perhaps that my thoughts should go back to my first appearance before the Society some 25 years ago. My subject then was ‘Children's Deferred Assurances’, which was appropriate from a personal point of view—I had just become a proud father! My present subject is ‘Estate Duty’, and I am not asking anyone for a q factor to show me how appropriate it may be from the same standpoint!

It is bold for anyone outside the Estate Duty Office to speak on estate duty; but I have deliberately chosen a dull and uninteresting subject because of its recent added importance to all who are concerned with life policies and annuities. The maximum rate of duty under the Finance Act, 1894, which first imposed it, was 8%. The maximum rate to-day is 80 %. Actuaries and lawyers must clearly do something about it—if they can—for otherwise there will be still less of estates left to be frittered away among the beneficiaries!

Type
Research Article
Copyright
Copyright © Institute of Actuaries Students' Society 1951

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Cowley v. Inland Revenue Commissioners (1899), A.C. 198.Google Scholar
A.G. v. Dobree (1900), 1 Q.B. 442.Google Scholar
A.G. v. Robinson (1901), 2 I.R. 67.Google Scholar
A.G. v. Pearson (1924), 2 K.B. 375.Google Scholar
In re Hodson's Settlement (1939), 1 Ch. 343.Google Scholar
Barclays Bank Limited v. A.G. (1944), A.C. 372.Google Scholar
In re the Duke of Norfolk's Will Trusts (1950), 1 All E.R. 664.Google Scholar
In re Oakes deceased, Public Trustee v. Inland Revenue Commissioners (1950), 2 All E.R. 851.Google Scholar
Green, G. M. (1947). The Death Duties, 2nd ed. Butterworth and Co. Ltd. Google Scholar
Dymond, Robert (1946). The Death Duties, 10th ed. The Solicitors' Law Stationery Soc. Ltd. Google Scholar