Commissioner of Inland Revenue v New Zealand Insurance Company Limited - [1958] NZLR 1077

Revenue — Death duties — Life-insurance policy assigned by Insured during lifetime for adequate consideration — Not policy kept up by insured "wholly for the benefit of a beneficiary" — Nature of transaction to be looked at to ascertain if entered into for "fully adequate consideration in money or money's worth" — Settlement by deed for infant son with provision for weekly payment to former wife during her lifetime — Liability for such monthly payment not "debt owing by the deceased at his death", as consideration therefor given by wife, and settlement in favour of son substantial benefit arising from deed — Death Duties Act 1921, ss. 5 (1) (f), 9 (1), 38 (1).