The Gazette 1961

assets when lodged. The Revenue Commissioners

point out that in a great many cases delays are

occasioned by reason of the fact that schedules of

assets have to be returned with queries, sometimes

more than once.

In the normal course of events,

estate duty is assessed within three weeks of the

presentation of the schedule of assets. If the schedule

has to be returned with queries there will probably

be a further delay of three weeks when it is relodged

with the queries dealt with. There may be even

further queries which will, of course, lead to further

delays. Whereas it is not possible, especially in cases

of some complexity, to deal with all possible queries

in advance when completing

the affidavit and

schedule of assets there are certain matters which

continually give rise to queries and which could be

dealt with when the forms are being completed in

the first instance. The Revenue Commissioners have

referred to the following matters and the Society

has agreed to bring them to the notice of members.

1. Completion of the affidavit or account and

attention to direction thereon

Delay will often be avoided if

all parts

are filled

up fully and unambiguously and the instructions

in the side notes complied with. Certain paragraphs

of the Affidavit (on form A-4R those numbered

10 to 12) are designed to elicit the information

whether there is or is not other property passing.

If these are not completed the examiner is left in

doubt as to whether other property passed on the

death.

If the queries and requisitions incorporated in the

affidavit (page 3 of A-4R) are either not all dealt

with or are replied to ambiguously, it is necessary

to return the affidavit to the solicitor for rectification

or clarification. A

side note

in the Inland Revenue

Affidavit draws attention to section 21, Finance

Act, 1956, and indicates the information which is

required so that it may be determined whether the

securities in the estate qualify for the relief given

by that section.

If this side note is overlooked

affidavits in which such securities appear have to be

queried for the relevant information.

The forms on which applications for refunds of

duty are made indicate that the applications should

be accompanied by the receipted account showing

payment of the duty to be refunded. If this instruc

tion is ignored the application has to be referred

back to the solicitor.

2. Goodwill

When the assets include a business (other than

that ot licensed vintner) it is not sufficient merely to

insert a value tor the goodwill or say that it was of

no value. A statement should be annexed showing

the basis of valuation or the grounds on which it is

considered that there was no goodwill and copies of

the profit and loss accounts and balance sheets for

the three years prior to death should be forwarded

with inland revenue affidavit, if this is possible.

Deduction of certain classes of debts:

(a)

Debts for necessaries are not allowable in the

estate of a married woman (these, generally,

being the husband's liabilities unless it can be

demonstrated either that she had in fact made

herself primarily liable for them or that she

was liable, though not primarily, and the

husband was unable to pay. Where allowance

for such debts is claimed a statement of the

grounds on which the claim is made should be

forwarded with the affidavit or account.

(V)

Bank

letters certifying overdrafts

should

always state the security held for the over

draft. Where the security involves Irish and

non-Irish property the overdraft should be

apportioned between

the

two classes of

security.

(c]

An income tax deduction for estate duty

purposes

in substantial cases

should be

vouched by a letter from the Inspector of

Taxes certifying the amount of liability for

the period to

date of death.

Locality of Assets

Certain classes of assets may have either an Irish

or non-Irish locality and if they are returned as

foreign assets without explanation queries have to

be raised to clarify the position.

(a)

Policies of Assurance :

It should be stated

whether these are under hand or under seal;

and if under hand only whether any place of

payment is specified. If under seal it should

be stated where the policy was found at the

date of death.

(b}

Bearer Securities :

It should be stated where

the bonds or share certificates were actually

situate at the date of death.

(c)

Securities which may be issued either in bearer

or registered form, e.g., Shell Transport and

Trading Company Ordinary and British

American Tobacco Ordinary are stocks of

this kind which crop up very frequently. In

many cases enquiry has to be made as to the

form in which they are held.

This query

would be avoided if it were stated in the

first instance whether they were in bearer

or registered form and, if in bearer, where the

stock certificates were found at date of death.