27
WEDNESDAY, MARCH 2, 1994
VALUE THE
OF FIRST,
THE MATRIMONIAL HOME BE EXCLUDED COMPLETELY WHEN DETERMINING THE VALUE OF THE ESTATE FOR DUTY
PURPOSES;
DECEASED WITHIN THE LIMIT FOR GIFTS MADE BY THE SECONDLY, THREE YEARS BEFORE THE
TO DATE OF DEATH BE INCREASED
IN 1987; $200,000 FROM THE PRESENT FIGURE OF $100,000 SET AND,
THIRDLY, THE ALLOWANCE FOR FUNERAL EXPENSES INCURRED IN HONG
OF KONG
INCREASED FROM THE EXISTING LEVEL
BE
$50,000.
$10,000
ΤΟ
THE COST OF THESE PROPOSALS WILL BE $85 MILLION IN 1994/95 $425 MILLION UP TO 1997/98, SIR HAMISH SAID.
AND
THE
RELIEF FOR STAMP DUTY ON PROPERTY TRANSACTIONS
FINANCIAL SECRETARY, THE HON SIR
REDUCE THE IMPACT OF
HAMISH
TODAY PROPERTY
MACLEOD,
TO
STAMP DUTY PROPOSED (WEDNESDAY) TRANSACTIONS TO HELP FAMILIES WHO WANT TO OWN THEIR OWN HOMES.
OVER THE
PRESENTING
BUDGET FOR 1994/95, SIR HAMISH SAID HIS PAST YEAR, PROPERTY PRICES HAD CONTINUED TO RISE, AND THE PRESENT DUTY PRICES WERE ON PROPERTY TRANSACTIONS WAS SET IN 1988, WHEN PROPERTY CONSIDERABLY LOWER THAN TODAY.
THE ΤΟ TAKE ACCOUNT OF THE INCREASE IN PROPERTY PRICES DURING
ADJUST STAMP INTERVENING YEARS, THE FINANCIAL SECRETARY PROPOSED TO DUTY ON LOWER AND MEDIUM-VALUE FLATS, AS FOLLOWS:
* FOR PROPERTIES WITH A VALUE NOT EXCEEDING $500,000, A FEE OF
$100 WILL BE CHARGED.
*
ABOVE THIS LEVEL, STAMP DUTY WILL BE CHARGED ACCORDING TO
THE THRESHOLD AT SLIDING SCALE, SUBJECT TO MARGINAL RELIEF. WHICH THE 2.75% RATE BEGINS TO APPLY WILL BE $1.5 MILLION TO $3 MILLION.
A
RAISED FROM
AS A RESULT OF THE PROPOSED ADJUSTMENTS, THE STAMP DUTY PAID ON SCHEME WILL BE TYPICAL $1 MILLION FLAT UNDER THE HOME OWNERSHIP HALVED, FROM $15,000 TO $7,500, STR HAMISH SAID.
A
ABOUT 100,000
PROPERTY
"I ESTIMATE THAT
TRANSACTIONS WILL. AND ATTRACT LESS STAMP DUTY, WHICH WILL COST $810 MILLION IN 1994/95 $3.9 BILLION UP TO 1997/98," HE SAID.
TO
THE FINANCIAL SECRETARY, HOWEVER, DID NOT PROPOSE ANY CHARGE TO THE STAMP DUTY ON STOCK TRANSFERS, WHICH HAD BEEN HALVED FROM 0.6% 0.3% OVER THE LAST THREE YEARS.
/HE SAID: