[TO THE EDITOR OP THE "SPECTATOR"]
Sin,—The Inland Revenue have issued a circular calling the attention of law-agents to the fact that the new Land-duties are payable on the deaths of proprietors in addition to Estate- duty. This is not generally appreciated. Stocks and shares may be left by will to one's family subject only to Estate- duty, no matter how great an improvement there has been in their market value since the purchase; but land bought or held for such family purposes must pay not only Estate- duty, but 20 per cent. Increment-duty also. People will not buy heritable property in such circumstances. It is rendered unmarketable and its capital value depressed, so that there will be little or no Increment-duty to collect, and the yield of the old Estate-duty on the depressed capital value must be lessened. Verily in taxation two and two sometimes only
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