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Wednesday, June 7, 1972
STAMP DUTY FOR CONVEYANCES ON SALES OF PROPERTIES
Government To Consider Raising Concessionary Values
Government will consider, without commitment and not just at the
present time, raising the concessionary values of properties in respect of
stamp duty for conveyances on sales of properties.
This was atated today by the Financial Secretary, the Hon. C.P.
Haddon-Cave, in reply to the Hon. Q.W. Lee in the Legislative Council.
Mr. Lee had asked: "As it is now five years since stamp duty for
conveyances on sales of properties was amended to give concessions to attract
stamp duty of only $20 for properties of $20,000 or below and only 1 per cent
between $20,000 and $40,000 as against the standard rate of 2 per cent ad valorem,
and in view of the fact that property values are now worth much more, will
the Government consider raising these concessionary values to a more realistic
level of say $50,000 and $100,000 respectively so as to attain the original
object of encouraging home ownership and give some relief from this kind of
Stamp Duty for the cheaper kind of flats?"
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