High Court of Australia
IN THE HIGH COURT OF AUSTRALLA i
Delivered at......... MELBOURNE:
MONDAY, 22nd OCTOBER, 1945
40058 A. H. Pertiren, Actixo Gove. Purr,
KENT_& ANOR.
e THE COMMISSIONER OF TAXATION
ve
WILLIAMS J.
JUDGMENT.
KENT & ANOR. Ve
THE COMMISSIONER OF TAXATION.
WILLIAMS J.
This is an appeal by H.F. Kent and L.W.H. Martin, the executors of the will of Mrs. G.L. Martin, the wife of the second named appellant, who died on the 3rd January 1941, against the assessment of her estate by the respondent for the purposes of federal estate duty. There are two objections to the assessment. In the first place the appellants object that the sum of £8,316 should have been allowed as a debt due and owing by the deceased to her husband at the time of her death within the meaning of sec. 17 of the Estate Duty Assessment Act 1914-1940. In the second place they object that the valuation at 48/4d. per share of 163,141 ordinary shares of £1 each in Paper Products Ltd., in which she had an interest for her life, and which therefore form part of her notional estate for the purposes of death duty under sec. 8(4)(c) of that &et, is excessive, and that the value of the shares at the date of death did not exceed 32/10d. per share. The respondent, who now claims that the sum of 48/44. was an under value, prior to the hearing gave the appellants notice of his intention to ask the Court to exercise its powers under sec. 26 of the Act, and increase the value to 53/- per share, and during the hearing asked that the value should be further increased to 59/5d. per share.
Mrs. Martin was married on 18th November 1926. On 16th December 1926 she executed an indenture, of which the appellant H.F. Kent was appointed the sole Trustee, whereby, subject to an annuity of £500 to her mother bequeathed by the will of her father, and subject to the payment of an annuity of £500 to her husband, she settled certain property, including the shares, upon trust for herself for life with remainders over. Prior to the marriage the husband had been a salesman without independent means, so that,
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate