§ 20. Mr. FELLasked the Chancellor of the Exchequer what will be the total sum payable as Estate Duty on a sum of, say, £50,000 left by a testator to his widow for life and then to his children; and on what occasion will the duty be payable and at what rate per cent?
§ Mr. LLOYD GEORGEThe total sum payable as Estate Duty on a sum of £50,000 left by a testator to his widow for life and then to his children absolutely will be £3,500. The duty will be payable on the testator's death, and the rate will be 7 per cent. In addition Legacy Duty at 1 per cent. will be payable.
§ 22. Captain CLIVEasked the Chancellor of the Exchequer whether the deduction allowed under the Budget from Estate Duty for Settlement Estate Duty already paid is to include compound interest; and, if so, at what rate?
§ Mr. LLOYD GEORGEThe answer to the first part of the question is in the negative, and accordingly the second part does not arise.