The Gazette 1984

GAZETTE

APRIL. 1984

Comment (continued from p. 95) The receipt of gifts or inheritances from Table 2 persons (brother, sister, uncle, aunt, child or grand- parent) or Table 3 (from all more distant relationships and strangers) may have a fatal effect on the supposed £150,000 threshold available to Table 1 gifts between spouses. The responsibilities of executors and trustees under the new system will be extremely difficult because of their secondary liability for the tax. They may have consider- able difficulty in ascertaining what previous gifts or inheritances legatees under the particular will or trust with which they are concerned may have received and may therefore be obliged to retain as much as 55% of the legacies until certificates of discharge are available. The fact that many of these will not issue until some time after the valuation date of the gift or inheritance means that legatees may have to be kept out of their legacies for considerable periods. The cost of administering taxation of this nature is already seen to be excessive in relation to the returns to the Revenue. These obligations on the ordinary house- owning over-burdened tax payer will add a further unnecessary expense to the burdens already being imposed on that category of persons with little benefit to the Revenue. It would be far better if the Revenue resources were devoted to the investigation of deliberate evasion and not to the monitoring of the records kept by the more honest members of the community of modest gifts or inheritances. •

Why is ourmanager's dooralways open?

ANSWER: We could try to be funny and say it was to let the bank drafts in. But the truth is it's just the way we operate. Personal, attentive service at all times. Total access to the manager. Longer hours than most banks. And higher interest on deposits. They may sound like small things. But when you add up the little things we do and most banks don't, you'll understand why our customers prefer service to size. LITTLE THfN6S MEANA LOT

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