§ Sir R. Taskerasked the Chancellor of the Exchequer whether, in the case of the death of a person who is entitled to post-war credit under Section 7 of the Finance Act, 1941, the sum will be redeemed before the termination of hostilities in order that executors may wind up the estate of the deceased person?
§ Sir K. WoodNo, Sir, but I would point out that the executors are not obliged to keep the estate open in the circumstances described by my hon. Friend as they may transfer the deceased's right to post-war credit to some other person (e.g. to the residuary legatee). They may effect such a transfer by applying to the Inspector of Taxes who issued the deceased's certificate, stating the full name and address of the person to whom the post-war credit is to be transferred: probate or letters of administration and the deceased's certificate should be sent with the application. The Inspector of Taxes will make the necessary record and issue a certificate to the person named, who will then become the person entitled to the post-war credit. If the personal representatives propose that the post-war credit should be divided between two or more persons the application to the inspector should state the amount appropriate to each, and each will then receive a certificate for his shares.