MORTGAGE EXEMPTION
MODIFICATION PROPOSED mr. McDonald’s plan (THE SUN’S Parliamentary Reporter) PARLIAMENT BLDGS., Tues. Alodifications of the mortgage exemption proposals outlined in the Budget were suggested in the House today by Air. T. W. AlcDonald (Wairarapa) in his Budget speech. He claimed that his system would encourage the improvement of the land. The Budget proposal is that exemption should be reduced to £5,000 disappearing £1 for £1 of every £1 unimproved value over £5,000. Air. McDonald claimed that he had worked out a more equitable system than that, and hoped that his system would meet with the approval" ol the Prime Minister. He urged complete exemption on . all mortgages, £5,000 and under, and then, on land from £5.000 to £IO,OOO unimproved value, he advocated that the proportion of the mortgage exempted be a proportion of the unimproved value to capital value over £IO,OOO, unimproved value exemption to be reduced £2 for £1 until the exemption completely disappeared at £14,000. With the proportion of improvements to capital value increasing the proportion of the tax to the capital value would decrease. Therefore there would be a direct inducement to improve land.
Air. AlcDonald claimed that, under his system, instead of a mortgage exemption of £5,000, there would be an £B,OOO exemption.
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Bibliographic details
Sun (Auckland), Volume III, Issue 759, 4 September 1929, Page 7
Word Count
209MORTGAGE EXEMPTION Sun (Auckland), Volume III, Issue 759, 4 September 1929, Page 7
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