§ Sir J. Mellorasked the Chancellor of the Exchequer whether, to facilitate realisation by personal representatives, he will consider offering to purchase assignments under Section 7 (4) of the Finance Act, 1941, of post-war credits of deceased persons at 80 per cent. of face value?
§ Sir K. WoodI am afraid I could not adopt my hon. Friend's suggestion, but I would remind him that the personal representatives of a deceased person are not2322W obliged to keep the estate open on account of the deceased's right to post-war credit to some other person (e.g. to the residuary legatee). The personal representatives 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 share.