XN000022-1973-03-20 — Page 5

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Tuesday, March 20, 1973

Documents of the above classes made or executed on or after April 1

will accordingly be exempt from all duty under the heads of charge referred to.

Letters of Renunciation are to be exempted from the 15 cents fixed

duty. However, they will continue to attract ad valorem duty.

The public will no longer be able to rely on the provisions of the

Stamp Ordinance when they ask to be given receipts for sums paid of over $20.

But their rights against those to whom they pay the money will otherwise

remain unaffected.

The largest part of receipt duty is paid by the 15-cent Receipt Stamps

obtained from Post Offices. An announcement will be made at a later date

regarding refunds for unused Receipt Stamps.

Refund Claims

Pre-stamped documents of the above classes which remain unused when

the abolitions take effect may be the subject of claims for refund just as they

are under present arrangements, that is, on surrender to the Stamp Office.

The duty on certain Conveyances on Sale of Land and Buildings will

be redused.

The full rate of duty chargeable is two per cent.

But under present arrangements this is restricted to fixed duty of

$20 where the value of the consideration given does not exceed $20,000 and

to one per cent where it lies between $20,000 and $40,000, with marginal duty

for cases where the consideration is slightly in excess of $20,000 and $40,000

respectively.

/The budget

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