§ MR. PERCY WYNDHAMasked Mr. Chancellor of the Exchequer, Whether the recent Act, which abolished Legacy Duty at one pound per cent., applies to legacies derived from Indian investments; and, if not, why this distinction has been enforced?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. CHILDERS)The short answer to the hon. Member's Question would be that Legacy Duty at 1 per cent is only abolished by the Customs and Inland Revenue Act (44 Vict., c. 12) in cases where the estates are already subject to Probate Duty. Indian investments technically known as bona notabilia are liable to Probate Duty, and consequently exempt from 1 per cent Legacy Duty. Indian investments not liable to Probate Duty are liable to Legacy Duty if the deceased died domiciled in this country.