WEDNESDAY, MAY 13, 1981
10
+HOWEVER THE INLAND REVENUE (AMENDMENT) BILL, COUPLED BY UNHAPPY COINCIDENCE WITH A NUMBER OF RECENT ASSESSMENTS TO TAX BEING RAISED AGAINST UNIT TRUST TRUSTEES, HAS UNQUESTIONABLY HEIGHTENED THE CONCERN OF THE INDUSTRY - A LEGITIMATE CONCERN WHEN ONE CONSIDERS THAT ANY TAX TRUSTEES BEAR AS A RESULT IS ONE OTHER PEOPLES' PROFITS.
+ IF THE FINANCIAL SECRETARY CONSIDERS IT INAPPROPRIATE TO MATCH THE U.K. LEGISLATION ON THIS POINT (WHICH IN EFFECT EXEMPTS UNIT TRUSTS FROM TAX ON THE U.K. EQUIVALENT OF TRADING PROF ITS) HE MAY NEVERTHELESS WISH TO TAKE ADVANTAGE OF THIS DEBATE TO CLARIFY THE GOVERNMENT'S POLICY ON THIS AND TO PROVIDE THE UNIT TRUST INDUSTRY WITH SOME REASSURANCE,+ MR NEWBIGGING SAID.
RATING (AMENDMENT) BILL INTRODUCED INTO LEGCO
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A BILL WHICH SEEKS TO INTRODUCE CHANGES OF AN ADMINISTRATIVE NATURE TO THE RATING ORDINANCE WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY.
MOVING THE SECOND READING OF THE RATING (AMENDMENT) BILL 1981, THE FINANCIAL SECRETARY, THE HON SIR PHILIP HADDON-CAVE OUTLINED THE MORE IMPORTANT CHANGES IN THE PROPOSED LEGISLATION.
HE SAID ONE OF THE PROVISIONS IN THE BILL IS TO DESIGNATE A DATE BY REFERENCE TO WHICH RATEABLE VALUES IN A NEW VALUATION LIST ARE TO BE ASCERTAINED. THE NEED FOR THIS CHANGE ARISES FROM THE PROBLEM THAT THE VALUATION LISTS HAVE BECOME SO LARGE AT PRESENT THAT FOLLOWING A DIRECTION BY THE GOVERNOR TO MAKE A VALUATION OF TENEMENTS, THE VALUATION WORK TAKES A CONSIDERABLE PERIOD OF TIME TO COMPLETE AND DURING THIS PERIOD, CHANGES IN RENTAL VALUES CAN OCCUR.
THE BILL ALSO SEEKS TO BRING THE PROCEDURE FOR THE PREPARATION OF A NEW VALUATION LIST INTO LINE WITH ACTUAL PRACTICE.
ANOTHER AMENDMENT PROPOSED THAT NEW VALUATION LISTS ARE TO BE DISPLAYED FOR THE WHOLE MONTH OF MARCH IMMEDIATELY BEFORE THE LISTS COME INTO FORCE. THESE LISTS WOULD NOT BE DISPLAYED IN SUBSEQUENT YEARS BUT INFORMATION ON TENEMENTS INCLUDED IN THE LISTS, AND ON THE IR RATEABLE VALUES, WILL READILY BE OBTAINABLE AT ANY TIME FROM THE TREASURY OR THE RATING AND VALUATION DEPARTMENT. THE PROPOSED ARRANGEMENT WILL NOT AFFECT RATEPAYERS' RIGHT TO OBJECT TO AN ASSESSMENT EACH YEAR.
IT IS ALSO PROPOSED TO EXTEND FROM 12 TO 24 MONTHS, THE PERIOD DURING WHICH INTERIM VALUATIONS ARE MADE OF A TENEMENT WHEN IT BECOMES LIABLE AND THAT BACK RATES FOR MORE THAN 12 MONTHS WILL NOT START TO BE CHARGED UNTIL AFTER JANUARY 1, 1982. THE MAXIMUM PERIOD FOR CLAIMING A REFUND OF RATE WILL ALSO BE EXTENDED FROM 12 TO 24 MONTHS.
/THE BILL