LEASEHOLDERS' LIABILITY.

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

LEASEHOLDERS' LIABILITY.

Any person owning any leasehold estate in land whether legal or equitable shall be deemed for the purposes of this Act (though not to the exclusion of the liability of any other person) to bo the owner of the fee simple of the land and shall be assessed and liable for graduated land tax accordingly.

In the case of the owner of a lease hold estate in land there shall be deducted from the amount of graduated land tax so payable by him in respect of that land (so far as it exceeds the graduated land tax, if any, that would be payable by him in respect of the value of his leasehold estate indepen dently of this section) the amount of graduated land tax, if any, payable in respect of that land by the owner of any freehold estate or of any precedent leasehold estate in the said land or any part thereof. The provisions of this section shall not apply to leasehold estates in any land of the Crown or in any Native land or in any land vested in any person wh.o in respect thereof is wholly exempted from land tax both ordinary and srraduated. v