§ 51. Mr. JACOBasked the Chancellor of the Exchequer whether national savings certificates are accepted in payment of death duties and estate and legacy duties; if so, on what terms; and what is the method of valuation?
§ Mr. CHURCHILLNational savings certificates, as such, are not accepted in payment of death duties. Arrangements have, however, been made under which, at the request of the executors of a deceased person, the Post Office will transfer to the Commissioners of Inland Revenue before probate the value of the certificates belonging to the deceased, or a sufficient part thereof, in payment of the estate duty. The value adopted is the surrender value of the certificates at the date of transfer.