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Published online by Cambridge University Press: 11 August 2014
It is probably fair to say that during the last decade problems of internal administration have faded into insignificance besides the legal problems which now arise out of a life office's relationship with its policy-holders—in particular in regard to estate duty matters.
Before examining the position in detail I would like to make some general remarks regarding the burden of estate duty on life assurance policies today. Rates of duty are progressive, as the table on page 399 shows, and bear most heavily on the large estates. Therefore, not surprisingly, a good deal of interest and effort has centred in recent years in reducing this burden.
page 364 note * Up to but not exceeding one-half of the presumptive or vested share or interest of that person in the trust policy.
page 382 note* This was a case where the two annual premiums payable after the re-issue of the policy were treated as ‘normal and reasonable’ expenditure, but it will be appreciated that the principle of the illustration is not affected thereby.