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Tuesday, March 20, 1973
The budget will restrict duty to 320 in cases where the value of the
consideration does not exceed $75,000 and to one per cent where it lies between
$75,000 and $150,000, with marginal duty for cases where the consideration
is slightly in excess of $75,000 and $150,000 respectively.
As a result, Conveyance on Sale Duty will be reduced for all land
and buildings in the range of values lying between $20,000 and $151,500.
Also to be reduced will be the Duty on certain Voluntary Dispositions
of Land and Buildings.
The full rate of duty chargeable is two per cent.
But under present arrangements there are reliefs for properties which
do not exceed $20,000 in value, and for those with values between $20,000 and
$40,000.
The budget raises the limits set for the reliefs in voluntary
disposition cases from $20,000 and $40,000 to the new limits set for relief
in the case of sales, that is, to $75,000 and $150,000.
Note to Editors:
A statement listing in detail the
stamp duty changes will be distributed separately
in the G.I.S. press boxes this evening.
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