High Court of Australia
Fal
icLany v 'omimissioner 'State
'axal AI WAR
GRUBB AND OTHERS. s 5 b '
THE COMMISSIONER OF TAXES (TAS.)
HIGH COURT [1948.
[HIGH COURT OF AUSTRALIA.]
APPELLANTS ; AND
RESPONDENT.
H.C. or A. Estate Duty (T'as.)—Notional estate—Life insurance policies—Proceeds—Policies
1948. =S)
Hoparr, Nov. 3, 4.
SypNey, Dec. 14.
Latham ©.J., Rich and
McTiernan JJ.
effected on life of deceased by wife—Premiums paid wholly or in part by wife— Policy effected by deceased and fully paid up—Transfer thereafter to wife— Deceased Persons Estates Duties Act 1931-1942 (Tas.) (26 Geo. V. No. 81—6
Geo. VI. No. 36), 5. 5 (2) X., X1.*
'Three life insurance policies were effected by his wife upon the life of the deceased, who died in October 1943. Premiums were wholly paid by the deceased in respect of two of such policies and in respect of the third were paid partly by the deceased and partly by his wife.
Held (i) that, for the purposes of s. 5 (2) XI. of the Deceased Persons Estates Duties Act 1931-1942 (Tas.), a beneficial interest accrued to the wife on the death of the deceased to the extent of the difference between the surrender value of the policies and the moneys received under the policies; (ii) that where the deceased paid the whole of the premiums the whole of that difference was dutiable; (iii) that where the deceased paid part of the premiums, an amount of that difference in proportion to the premiums paid by the deceased was dutiable.
'A life insurance policy, effected by the deceased on his life in 1897, was fully paid up by him in 1904 and assigned by way of gift to his wife in 1923.
*Section 5 (2) of the Deceased Per- sons Bstates Act 1931-1942 (Tas.) pro- vides :—'"In relation to any person dying after the commencement of the 'Act, all real and personal estate — X. Which consists of moneys payable upon the death of such person in respect of any policy of insurance effected by him, and kept in force wholly or partially by him and assigned by him by way of gift; . . . XL 'Any annuity or interest purchased or provided by such person, either by
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