LAND AND INCOME ASSESSMENT BILL

Otago Daily Times, Issue 13960, 20 July 1907, Page 7

LAND AND INCOME ASSESSMENT BILL

THE GRADUATED LAND TAX. The Land and Income Tax Assessment Bill provides that every person shall be liable to pay in each year, commencing with the year ending on the 3lst day of March, 1908, graduated land fax at the'rato , hereinafter set forth on all land of which he was the owner at jiooii on the 31st day of March in the preceding vear, and the unimproved value of which" is £5000 or more. The provisions of this section are subject to any exemptions from graduated land tax croatcd by the principal act. If the unimproved value of the said land in not less than £5000, but is less than £40,000, the rate of graduated land tax payable .in respect thereof shall be in accordance with the schedule hereto. if the unimproved value of the said land is not. less than £40,000, the rate of graduated iand- tax shall l>c a percentage, determined' in accordance with the provisions hereinafter contained, of the said unimproved value. If tho unimproved value of the- said land is not less than £40,000. but. is less than £41,000, the said percentage shall be eight shillings for every £100 sterling of the 6aid value. For every additional £1000 of the said value over tho -amount of £40,000 the sa:<l percentage shall be increased by one-fifth of a shilling and the percentage so increased shall ho charged on tho total unimproved value of the land iu respect of which the said tax is assessed. Notwithstanding the provisions hereinbefore contained for a nrogressivo increase, the -said percentage shall roach its maximum in the ease of land of whioli the unimproved value is £200,000. and in this case and in all cases in which tho unimproved value exceeds £200,000 the said percentage shall he £2 for every £100 of the total unimproved value. Each of the said percentages determined shall ho increased by 25 per centum thereof in (lie ease of all land other than husinoss premises as heroin defined, The term business premises means any piece of land included within the- superficial area of 1 a building" used for business purposes, together with such additional land as is contiguous thereto and is used ami occupied in connection therewith, and docs not exceed in extent, the superficial area of the building itself. A building shall ho deemed to be use<l for business _ purposes within the meaning of this section if it is exclusively or principally U3ed, tn- intended lo be used, whether by tho owner or by any occupier or occupiers, for the purposes of any business, trade, or industry. When the same person is the owner both of business premises and of other land, graduated land tax ■ shall bo assessed in respect of the whole of such business premises and other land without the said inci'oaso of 25 per contain, and the said increase shall then be calculated only on the 'amount of graduated land tax that would bo payable by him if lie were not the owner of the business premises. Nothing in this section contained shall' affect the rate of graduated land tax pajfable in accordance with tho schedule hereto. Every taxpayer who, on the 31st day- of March; iii any year, is an absentco within the meaning of- this section, shall be assessed and liablo for graduated land fax at a rato greater by 50 per centum than- the rate at which ho would have been assessed indopendenUy of this section. Every person. shall bo deemed' to bo an absentee for the purposes of this sect-ion unless he has been personally present; in New Zealand for at least one-half of tho period of four years immediately preceding l thfc year in and for which ho is assessed "for graduated land tax, provided that no person who has aenuircd all . hie land in Nen-j Zealand within tho said period of four years shall bo deemed to be ah absentee if ho has been personally present ill New Zealand for at least one-half of the period whioh has elapsed between tho timo when he first acquired any of that land and the commencement the year in and for which ho is assessed for graduated land tax.' If any absentee taxpayer is liablo to bo' assessed, for graduated land tax jointly with any other taxpayer who is riot : an absentee, they shall bo assessed and liablo jointly as if neither was an absentee, and tho afcsenteo taxpayer shall also be separately assessed and liable, in accordance with the provisions_of section 13 hereof, for the additional tax imposed by this section. SCHEDULE. Whcro the total unimproved value of all the land o[ any taxpayer is Not Graduated 'less than Lessthan liuidtax. £ 5,000 JE 7,000 1-16(1' in the pound 7.000 9,001).. 2-16(1 in "the pound 9,000 11,000 3-16 d in the pound 11,000 13,000 4-16 d in the pound 13.000 15,000 J>-16cl in the pound 15,000' 17,500 6-16 d in tho pound 17,500 20,000 7-10 d in the pound 20,000 22,500 ' 8-lGd in the pound 22.E00 25,000 9-16 d in the pound 25.000 27,500 10-lCd in the pound 27>5C0 30,000 11-lCd iii the poiuid 30,000 35,000 12-10 d in the pound 35,000 40,030 13-lCd in the pound