DEATH DUTIES 113 



fourth the rateable value of agricultural land, were defeated. 

 The Bill received the Royal Assent in March, 1894. 



1894. 



During the period 18936 the Committee did much useful 

 spade work and issued a number of valuable and instructive 

 reports dealing with different aspects of the question. They 

 were mostly of topical interest relating to matters then before 

 Parliament, and need not be recited here ; but one commenting 

 on the Finance Act of the year, being of more permanent 

 value, is quoted at some length : 



THE FINANCE ACT. 



In view of the great alteration in the relative burden of Imperial 

 taxation as between real and personal property effected by this 

 Act, it is evident that the conflict which the Committee have so 

 long waged upon the incidence of local taxation enters a new and 

 even more acute phase. 



The Bill was introduced on 25th April and received the Royal 

 Assent on 31st July as the " Finance Act, 1894." It may be noted 

 that the title is new, previous Budget Acts having for many 

 years past been usually known as " Customs and Inland Revenue " 

 Acts. 



Prior to the Finance Act, the Death Duties were : 



(a) Probate and Account Duty : 1 for each 50 and 

 fraction of 50 on estates exceeding 100 and not exceeding 

 500 ; 1 5s. for each 50 and fraction of 50 on estates 

 exceeding 500 and not exceeding 1000 ; 3 for each 100 

 and fraction of 100 on estates exceeding 1000. 



(b) Legacy Duty: 1 to 10 per cent., according to con- 

 sanguinity. 



(c) Succession Duty: 1| to 1H per cent., according to 

 consanguinity. 



(d) Estate Duty (temporary) : 1 per cent, on estates above 

 10,000. 



Their net total yield in the financial year ending 31st March, 

 1894, according to the thirty -seventh" report of the Inland 

 Revenue Commissioners, was 9,941,855. The Chancellor of the 

 Exchequer in his Budget statement stated the amount in round 

 numbers as 10,060,000, and allocated the proceeds from realty 

 and personalty by sums which worked out at 12 per cent, on the 

 former and 88 per cent, on the latter. 



The principal alterations made by the Finance Act are as 

 follows : 



(a) In place of the Probate, Account and old Estate Duties, 

 a new Estate Duty is imposed upon the principal value of 



