STAMP DUTY ON NEW HOUSES
MINISTER ANNOUNCES REDUCTION (New Zealand Press Association) WELLINGTON, February 14. The Government has reduced the ad valorem stamp duty payable by purchasers of newly-built houses. The reduction would apply from February 1 to houses built for sale under the group building scheme or on the open market, said the Minister of Finance (Mr X T. Watts) tonight. On tne first sale of a section on which there were no substantial improvements other than a house and supplementary improvements, the concession would also be valid. Before the sale, a house must not have been lived in. said the Minister, as tne reduction was restricted to new houses. In such cases, the stamp duty would not be assessed on the total purchase price, but on the unimproved value of the land only. Mr Watts said this would mean that, where a house worth £3OOO was erected on land worth £5OO, the first purchaser would pay ad valorem stamp duty of £5 10s instead of £3B 10«.
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Press, Volume XCI, Issue 27584, 15 February 1955, Page 12
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169STAMP DUTY ON NEW HOUSES Press, Volume XCI, Issue 27584, 15 February 1955, Page 12
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