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Sir Hamish said: "In addition to the generous initial allowance of 60 per cent - which should itself probably be reviewed on some future occasion qualifying expenditure attracts an annual allowance of 10 per cent, 20 per cent or 30 per cent, depending on the type of plant and machinery involved.
"The categorisation into one of these three levels has a significant effect on the tax bill in any particular year.
"I will be asking the Board of Inland Revenue to review the classification of the items which fall into the three categories of annual allowance, to ensure it is fair and objective," he said.
End/Wednesday, March 1, 1995
Estate duty exemption level rises to $6 million
The Financial Secretary, the Hon Sir Hamish Macleod, proposed today (Wednesday) in his Budget Speech to raise the exemption level of estate duty from $5.5 million to $6 million to offset the effect of inflation.
Above that level, he proposed that estate duty be payable at 6 per cent on estates between $6 million and $7 million; 12 per cent for estates between $7 million and $8 million; and 18 per cent on estates over $8 million.
The cost of this proposal will be $20 million in 1995-96 and $100 million up to 1998-99.
End/Wednesday, March 1, 1995
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