EXEMPTION UP TO £5000.

Taranaki Herald, Volume LIV, Issue 13480, 20 July 1907, Page 5

EXEMPTION UP TO £5000.

Every person shall be liable to pay in each year commencing with the year ending on March 31st, 1908, graduated land tax at the rate hereinafter set forth on all land of which he was the owner at noon on the 31st day of March in the preceding year, and the unimproved value of which is £5000 or more. The provisions of this section are subject to any exemptions from graduated land tax created by the principal Act.

If the unimproved value of the land is not less than £5000, but is less than £40,000, the rate of graduated land tax shall be in accordance with the schedule. LAND OVER £40,0p6 IN VALUE. If the unimproved value of the land is not less than £40,000, the rate of graduated land tax shall be a percentage (determined hi accordance with the provisions hereinafter contained) of the said unimproved value.

If the unimproved value of the land is not less than £40,000, but is less than £41,000, the- percentage shall be 8s for every hundred pounds sterling of the value. »

For every additional thousand pounds of the value over the amount of £40,000 the percentage shall be increased by one-fifth of a shilling. Notwithstanding the provisions hereinbefore contained fdr a progressive increase, the said percentage shall reacli its maximum in the case of land of which the unimproved value is £200,000 — and in this case and in all cases in which the unimproved value exceeds £200,000 the percentage shall be £2 for every hundred pounds of tho total unimproved value. BUSINESS PREMISES EXEMPT.

Notwithstanding anything hereinbefore contained, each of the percentages determined as aforesaid shall be increased by 25 per cent, in the case of all land other than business premises. TJie term "business premises" means any piece of land included within the superficial area of a building used for business purposes, together with such additional land as is contiguous thereto and is used and occupied in cpnnecti6n therewith, and does not exceed in extent the superficial area of the building itself. &

A building shall be deemed to be use i for business purposes within the meaning of this section if it is exclusively or principally used or intended to be used 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 be assessed in respect of the whole of such business premises and other land without the increase of 25 per cent., and the increase shall then be calculated only on the amount of graduated land tax that would be payable by him if he were not tho owner of the business premises. "

Nothing in this section contained shall affect the rate of graduated land tax payable in accordance with the schedule hereto.