STAMP DUTIES BILL.

Poverty Bay Herald, Volume XLIX, Issue 16186, 24 July 1923, Page 8

STAMP DUTIES BILL.

MORTGAGES ON LAND. (por Press Association.) WELLINGTON, last night. In the House, Mr. Massey moved the second reading of the Stamp Duties Bill, which he explained was passed last year, but was novel* brought into operation, because certain defects had been discovered in its text. The law was now being amended and consolidated, the principal amendment being in part V. which referred to duties on mortgages. Under this Bill only mortgages on land were dutiable. Sir. Wilford said the Bill w*as so highly technical that no one could understand it from h the description given of it by tho Premier, and he suggested it should be referred to the' Statutes Revision Committee, where those acquainted with such matters could carefully examine the details of the Bill. He. protested against the proposal to tax a lease' with a right of purchase as if it were a completed sale. Tho purchase might never he completed, or not completed for many years, and such transaction should be taxed on transfer. If the Statutes Revision Committee brought evidence on that point ho felt confident they would amend the measure in the direction suggested by him* • • The Hon. C. J. Parr said if such duty was collected there was a provision for refund in case the purchase is made. The Hon. D. Buddo, the Hon. J. A. Ha nan and Mr. Sidoy criticised the Bill, which Mr. Massey in reply promised to refer to tho Statutes Revision Committee. Tho Bill was read a second time and referred as above.