Stamp Duty Concessions

Press, Volume C, Issue 29625, 22 September 1961, Page 13

Stamp Duty Concessions

(New Zealand Press Association

WELLINGTON, Sept. 21. Stamp duties concessions announced in the Budget are provided for in a Stamp Duties Amendment Bill introduced fa the House of Representatives today. They will become effective the day after the passing of the bill The general rate of ad valorem stamp duty on conveyances is cut from Us per £5O to 10s per £5O. The bill also adjusts the special rate of ad valorem duty on transfers and mortgages. debentures, money payable, things in action and interests in trust funds. Instead of being 5s 6d for £lOO the rate will be 3s 6d for £5O where the consideration or value exceeds £2O, and Is 3d where the consideration or value is less. Ad valorem duty on bills

of exchange and promissory > notes not payable on demand ? is abolished. They remain > liable to the fixed duty of 2d • payable on other such instru- ■ ments. 1 Agreements at present r liable to a duty of Is 3d are . freed from duty. But part? I nership agreements become ■ liable to a fixed duty of 15s r whether the agreement constitutes a deed or not. • Instruments of guarantee, i which at present attract a - stamp duty of 3d and assignr ments of milk money, which I now attract a duty of 2d are - exempted from duty. ) There are several new pror visions. One exempts from i ad .valorem conveyance duty I any instrument by which the i manager of a unit trust buys back an interest in the trust. t if the interest is sold or ex-

tinguished within three months.

Adhesive stamps will cease to be a means of paying stamp duty, except in the occasional case where the 2d duty on bills of exchange and promissory notes is paid by an adhesive stamp. A former provision, now repealed, allowed adhesive stamps to be used as a means of paying duty on an assignment of a debt or money not exceeding £5O. Where real or personal property worth more than £5OO is. in future, disposed of by raffle or chance without the necessary licence issued under Section 42 of the Gaming Act, 1908. lottery duty must still be paid. This duty is at the rate of 10 per cent of the nominal value of all tickets.