WEDNESDAY, APRIL 24, 1974
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HIGHER EXEMPTION LIMIT FOR ESTATE DUTY
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THE ACTING FINANCIAL SECRETARY, THE HON. DAVID JORDAN, TODAY TABLED A NEW BILL AT THE LEGISLATIVE COUNCIL, SEEKING TO RAISE THE EXEMPTION LIMIT FOR ESTATE DUTY FROM $200,000 TO $300,000.
KNOWN AS THE ESTATE DUTY CAMENDMENT) BILL 1974, IT SEEKS TO IMPLEMENT ONE OF THE TAX RELIEF PROPOSALS MADE BY THE FINANCIAL SECRETARY, MR. PHILIP HADDON-CAVE, IN HIS BUDGET
SPEECH LAST FEBRUARY.
IN MOVING THE SECOND READING OF THE BILL, MR. JORDAN SAID THE INTENTION WAS TO PROVIDE THAT NO ESTATE DUTY WOULD BE LEVIED ON ESTATES WORTH UP TO $300,000 IN RESPECT OF ESTATES OF FERSONS DYING AFTER APRIL 1, THIS YEAR.
THIS WOULD BE DONE BY ADDING A NEW SCHEDULE TO THE ORDINANCE, IN WHICH THE PRESENT FIRST PLATFORM PROVIDING FOR DUTY AT FIVE PER CENT ON ESTATES VALUED BETWEEN $200,000 AND $300,000 WOULD BE THED. THE RATES OF DUTY WOULD REMAIN UNCHANGED FOR ESTATES VALUED OVER $300,000.
FOR ESTATES WORTH ONLY MARGINALLY MORE THAN THE $300,0000, THE EXISTING PROVISION FOR MARGINAL RELIEF IN SECTION 32 OF THE ORDINANCE WOULD CONTINUE TO APPLY, HE ADDED.
DEBATE ON THE MOTION WAS ADJOURNED.
BILL PASSED IN LEGCO
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ONE BILL, THE STREETS CALTERATION) CAMENDMENT) BILL 1974, WAS PASSED BY THE LEGISLATIVE COUNCIL TODAY.
FOUR OTHER BILLS HAD THEIR FIRST AND SECOND READINGS. THEY WERE THE URBAN COUNCIL CAMENDMENT) BILL 1974- THE INLAND REVENUE CAMENDMENT) (NO. 2) BILL 1974 THE ESTATE DUTY CAMENDMENTƆ BILL 1974 AND THE REVISED EDITION OF THE LAWS CAMENDMENT) BILL 1974.
AN UNOFFICIAL MEMBER'S BILL, THE CHILDREN'S PLAYGROUND ASSOCIATION CAMENDMENT) BILL 1974, ALSO RECEIVED ITS FIRST AND SECOND READINGS.
ALSO TABLED IN THE COUNCIL WERE THE ANNUAL SUMMARY THE DIRECTOR OF EDUCATION FOR THE YEAR 1972/73 AND THE ANNUAL REPORT BY THE COMMISSIONER OF PRISONS FOR THE YEAR 1972/73.
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