XN000022-1973-03-20 — Page 6

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Tuesday, March 20, 1973

The budget will restrict duty to 320 in cases where the value of the

consideration does not exceed $75,000 and to one per cent where it lies between

$75,000 and $150,000, with marginal duty for cases where the consideration

is slightly in excess of $75,000 and $150,000 respectively.

As a result, Conveyance on Sale Duty will be reduced for all land

and buildings in the range of values lying between $20,000 and $151,500.

Also to be reduced will be the Duty on certain Voluntary Dispositions

of Land and Buildings.

The full rate of duty chargeable is two per cent.

But under present arrangements there are reliefs for properties which

do not exceed $20,000 in value, and for those with values between $20,000 and

$40,000.

The budget raises the limits set for the reliefs in voluntary

disposition cases from $20,000 and $40,000 to the new limits set for relief

in the case of sales, that is, to $75,000 and $150,000.

Note to Editors:

A statement listing in detail the

stamp duty changes will be distributed separately

in the G.I.S. press boxes this evening.

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