MR. GIBSON BOWLES (Lynn Regis)I beg to ask Mr. Chancellor of the Exchequer what amount of duty he estimates will be produced by the new estate duty which he proposes to establish, in addition to the duties charged by the Finance Act, 1894, in respect of settled property, the life interest in which has been surrendered to the remainderman by the life tenant within twelve months of the death of the latter.
§ MR. HANBURY (for the CHANCELLOR OF THE EXCHEQUER)What I propose to do is not to establish a new estate duty, but to stop evasion of the existing duty by the process named in the question. I think, so far, such evasion has been rare, 486 because it was not supposed to be legal; and therefore but little duty has been lost. But the recent decision in what is known as the De Freville case has made it necessary to amend the law in order to prevent what might probably become a source of great loss to the revenue in future.
§ MR. WILLIAM REDMONDI beg to ask Mr. Chancellor of the Exchequer whether he intends to introduce a Bill this session to amend the law relating to the death duties; and, if so, can he state briefly the nature of the Bill and its objects.
§ MR. HANBURY (for the CHANCELLOR OF THE EXCHEQUER)No such Bill will be introduced, but certain amendments of the law on the subject will be included in the Finance Bill, in pursuance of resolutions already agreed to.