asked the Minister for Finance if in view of the urgent necessity for remedial action in the cases of undoubted hardship referred to by him in a reply of 30th January 1975, he will state the action he proposes to take in the matter.
Ceisteanna—Questions. Oral Answers. - Estate Duty.
90.
Mr. Kenny
The cases of undoubted hardship I had in mind were those in which duty has been assessed but has not been paid because realisation of securities in the present conditions of the stock market would drastically reduce the value of the estate. Where payment of duty in these cases would impose undue hardship, the Revenue Commissioners propose to avail of their powers under section 8 (9) of the Finance Act, 1894, as amended, whereby each such case can be dealt with on its merits, by permitting payment of duty to be postponed until there is a recovery of stock market prices to a level where there would be an alleviation of the hardship.
I am grateful that at least something is being done but I wonder could the Parliamentary Secretary indicate whether his reply means that in cases in which duty has been assessed but not paid the Revenue Commissioners may, in their discretion, postpone payment, and will do so, but that ultimately the full duty will be payable as assessed on the higher value of the stocks and shares. The actual duty as assessed will be payable, but payment will be postponed.
Mr. Kenny
That is what the answer means, I think.
It goes some of the way but not enough of the way. Could the Parliamentary Secretary indicate what, if anything, is proposed to be done in cases in which the duty has actually been paid?
Mr. Kenny
Offhand I could not tell the Deputy, but I will bring this to the attention of the Minister.
When the Parliamentary Secretary is doing that would he also draw attention to the fact that such cases may be cases of greater hardship than the cases referred to by the Parliamentary Secretary, and that something ought to be done about them too?
Mr. Kenny
I will bring the entire matter to the attention of the Minister.