FINANCE BILL: LOWER DUTIES ON SOME ESTATES

Greymouth Evening Star, 31 July 1947, Page 2

FINANCE BILL: LOWER DUTIES ON SOME ESTATES

(P.A.) WELLINGTON, July 30. A Finance Bill was introduced in the House of Representatives tonight. The Minister of Finance, MrNash, said the Bill contained 44 clauses. An Opposition member: There ought to be some reductions then? Mr Nash: Only a number of clauses. The Minister went on to say there was an amendment to the income tax law to ensure that the pay of servicemen at the new rates was subject to taxation. There was power for the Minister of Marketing to hold shares in companies, and there was provision for investments of the Government to be shown in a return to be laid on the table of the House.

Stamp Duty He said stamp duty would be decreased from 3s 6d to Is 3d wheie the amount was £2O or less. There would be an amendment to the Death Duties Act. Outside these various amendments there was little of importance in the Bill. A hope that there would be a reduction in the wages tax, and some reduction in the price of petrol as a concession to motorists, and that tnc Minister of Finance would give sonic indication of a reduction in taxation which people of the country were anticipating, was expressed by the Leader of the Opposition, Mr Holland. . , , 'The salaries of nominated, members of the Court of Arbitration aie increased by the Bill from £B-3 to £B5O.

Important Clause An important clause relates to reduction of interests acquired by a widow and infant children of a deceased when assessing estate duty. The clause states that in the case of any estates the fi na L ba^P n ce +1 °l; which does not exceed £lO,OOO, t value Of any succession acquired oy the wife of the deceased in respec, of this dutiable estate shall, to the extent of £5OOO, be deducted from the final balance of that estate, an estate duty shall be payable on the residue only. The value of any su Cession acquired in such circumstances by any child \ ind( ; r of 21 years at the death of deceased shall, to the extent of £5OO, be d ducted from the final ba i anaa ’ aad estate duty be paid on the residu

only. The aggregate of the amounts which may be deducted shall not in any case exceed the difference between the final balance of the estate and £lO,OOO. Amendments are made to the National Provident Fund to bring it into line with benefits payable under the Social Security Act, The weekly allowances payable on death or incapacity are increased from 7s 6d to 10s.