The Death Duties Comprising Estate Legacy And Succession Duties With Decided

Cover The Death Duties Comprising Estate Legacy And Succession Duties With Decided
The Death Duties Comprising Estate Legacy And Succession Duties With Decided
Robert Dymond
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161 i. E. Y the price which, in the opinion of the Commissioners, the property would fetch if sold in the open market at the time of the deceased's death (F. A. 1894, s. 7 (5)). Such value is to be ascertained by the Commissioners in such manner and by such means as they think fit (F. A. 1894, s. 7 (8)). In the first instance, however, the value should be ascer- tained by the accountable parties, either by estimating it themselves or with x^rofessional assistance. In all cases full details shou...ld be given, showing the basis of valuation. If the Commissioners are not satisfied with the value so obtained they may appoint their own valuer, and in such cases the cost is borne by them (F. A. 1894, s. 7 (9)), but not where they merely call for a professional valuation.
Where the proj)erty has actually been sold within a short time after the death of the deceased, the gross sum reaUsed may generally be taken as the principal value, but no deduction should be made for expenses of sale such as solicitors' or au.


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