3
WEDNESDAY, MARCH 2, 1977
HE WENT ON TO SAY THAT THE NUMBER OF SALARIES TAXPAYERS AND POTENTIAL SALARIES TAXPAYERS BENEFITING FROM THE INCREASES WOULD BE ABOUT 192,000. OF THESE ABOUT 55,000 WOULD BE COMPLETELY REMOVED FROM THE SALARIES TAX NET. THE NUMBER OF PERSONAL ASSESSMENT TAXPAYERS AFFECTED WOULD BE ABOUT 18,000 AND 5,000 RESPECTIVELY.
HE POINTED OUT THAT THE COST TO THE REVENUE IN THE FINANCIAL YEAR 1977-78 OF THESE TWO PROPOSALS WOULD BE $64 MILLION- AND, FOR THE SAME GROUP OF TAXPAYERS, AND ASSUMING THEIR INCOMES WERE UNCHANGED, THE COST WOULD BE $38 MILLION IN 1978-79 WHEN ONLY ONE SET OF ADDITIONAL ALLOWANCES — ON PROVISIONAL TAX FOR 1977-78 WOULD BE INVOLVED.
STAMP DUTIES
THE FINANCIAL SECRETARY SAID HIS THIRD SET OF REVENUE PROPOSALS INVOLVED, FIRST, THE ELIMINATION OF FIVE ARCHAIC HEADS FROM THE SCHEDULE TO THE STAMP ORDINANCE AT A COST OF ONLY $30,000, BUT THE LEGAL AND FINANCIAL PROFESSIONS WOULD BE SPARED SOME INCONVENIENCE.
THE FIVE HEADS ARE: HEAD 7, AGREEMENT OF SERVICE WITH A CORPORATE BODY- HEAD 17, COMPRADORE NOTE HEAD 33, LETTER OF ALLOTMENT- AND HEADS 35 AND 51, ASSIGNMENT OF LETTERS OF PATENT AND TRADE MARKS.
+AND SECONDLY, AS A FURTHER EARNEST OF THE GOVERNMENT'S INTENTION TO PROMOTE HOME OWNERSHIP, I PROPOSE THAT THE CONCESSIONARY RATES OF DUTY ON CONVEYANCES OF LOW VALUE PROPERTIES PROVIDED FOR UNDER HEAD 19(1) OF THE SCHEDULE, SHOULD APPLY TO PROPERTIES OF $100,000 AND $175,000 RESPECTIVELY, COMPARED WITH $75,000 AND $150,000 AT PRESENT,+ HE STATED.
+THIS IS TO SAY, ON PROPERTIES UP TO $100,000 ONLY THE FIXED CHARGE OF $20 WILL BE LEVIED AND ON PROPERTIES UP TO $175,000 THE AD VALOREM RATE OF ONE PER CENT. TO THE REVENUE IN 1977-78 WILL BE $12 MILLION.+
THE COST
+AT THE SAME TIME,+ MR. HADDON-CAVE SAID, THESE NEW PLATFORMS WILL HAVE TO BE EXTENDED TO HEAD 53(1), VOLUNTARY DISPOSITIONS
INTER VIVOS AND, ALSO, I PROPOSE TO REMOVE THE ANOMALOUS BIAS AGAINST THE GIFT ELEMENT IN VOLUNTARY DISPOSITIONS INTER VIVOS AT A TOTAL COST TO THE REVENUE OF $3 MILLION.
+THIS LIFTING OF THE PLATFORMS BY 33-1/3 PER CENT AND 16-2/3 PER CENT RESPECTIVELY MEANS THAT, AT PRESENT DAY PRICES 80 PER CENT OF ALL RESIDENTIAL PROPERTIES WILL BE AFFECTED, COMPARED WITH 70 PER CENT AFFECTED BY THE PRESENT PLATFORMS. A REVENUE PROTECTION ORDER WILL MAKE THESE CONCESSIONS EFFECTIVE FROM APRIL 1, +
ESTATE DUTY