§ Now I come to the Settlement Estate Duty. By that duty you pay 2 per cent. in addition to the rate of duty, and you frank the estate over existing lives until the settlement comes to an end. Enjoyment of property is an enjoyment for life, and, therefore, there is no real ground for distinction between settled property and property which is not settled. The Death Duties fall just as heavily on businesses as on real property which is settled. There are many estates in this country which are not settled. There are some of very considerable importance, and there is no ground, either in reason, equity, or justice, for the distinction now made between settled property and property which is not settled. There is no reason why the privilege should exist. Therefore I propose that the whole Settlement Estate Duty should be done away with, allowance being made for money which has already been paid for frank settled property. It will produce £150,000 this year and £900,000 next year.
§ Mr. JOYNSON-HICKSWhat about those cases in which the payment has already been made?
§ Mr. BUTCHERDoes the abolition of Settlement Estate Duty mean the payment of full Estate Duty upon every death whenever the property passes?
§ Mr. LLOYD GEORGECertainly; it will pay exactly the same as if the property were not settled.