XN000022-1972-06-07 — Page 34

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Wednesday, June 7, 1972

STAMP DUTY FOR CONVEYANCES ON SALES OF PROPERTIES

Government To Consider Raising Concessionary Values

Government will consider, without commitment and not just at the

present time, raising the concessionary values of properties in respect of

stamp duty for conveyances on sales of properties.

This was atated today by the Financial Secretary, the Hon. C.P.

Haddon-Cave, in reply to the Hon. Q.W. Lee in the Legislative Council.

Mr. Lee had asked: "As it is now five years since stamp duty for

conveyances on sales of properties was amended to give concessions to attract

stamp duty of only $20 for properties of $20,000 or below and only 1 per cent

between $20,000 and $40,000 as against the standard rate of 2 per cent ad valorem,

and in view of the fact that property values are now worth much more, will

the Government consider raising these concessionary values to a more realistic

level of say $50,000 and $100,000 respectively so as to attain the original

object of encouraging home ownership and give some relief from this kind of

Stamp Duty for the cheaper kind of flats?"

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