(A) A SCHEME OF RELIEF WILL BE INTRODUCED FOR RATEPAYERS WHO, DESPITE THE REDUCTION IN THE PERCENTAGE CHARGE, WILL BE FACED WITH A SUBSTANTIAL INCREASE IN TOTAL RATE PAYMENT AS A RESULT OF THE NEW
RATEABLE VALUES. THE TOTAL RATES PAYABLE BY A RATEPAYER IN 1977-78 WILL NOT INCREASE BY MORE THAN 33 1/3% OF THE RATES PAID BY HIM IN 1976-77, THE TOTAL RATES PAYABLE IN 1978-79 WILL NOT INCREASE BY MORED THAN 33 1/3% OF THE RATES PAID IN 1977-78, AND FULL RATES
WILL BE PAYABLE IN 1979-80. EXCEPTIONALLY, FOR OCCUPIERS OF PRE-WAR RENT-CONTROLLED PREMISES, THE SCHEME WILL CONTINUE AFTER 1978-79 AND FOR AS LONG AS IT TAKES TO BRING TOTAL RATES PAYMENT UP TO THE FULL CHARGE. COST TO REVENUE IS ESTIMATED AT DOLLARS 46 MILLION
IN 1977-78.
(B) SALARIES TAXPAYERS AND PERSONAL ASSESSMENT TAXPAYERS WILL ENJOY A SUPPLEMENTATION OF BASIC ALLOWANCES AND INCREASES IN CHILD ALLOWANCES. BASIC ALLOWANCES WILL BE SUPPLEMENTED BY DOLLARS 2,500 FOR A SINGLE PERSON AND BY DOLLARS 5,000 FOR A MARRIED PERSON. THE SUPPLEMENT WILL BE CLAWED BACK BY 20% OF THE AMOUNT BY WHICH THE TAXPAYER'S INCOME EXCEEDS THE SUPPLEMENTED BASIC ALLOWANCE, SO THAT THE SUPPLEMENT WILL BE ELIMINATED WHEN THE SINGLE PERSON'S SALARY REACHES DOLLARS 25,000 AND WHEN THE MARRIED PERSON'S SALARY REACHES DOLLARS 50,000. CHILD ALLOWANCES WILL BE INCREASED, FOR THE FIRST CHILD FFROM DOLLARS 3,000 TO DOLLARS 4,000, FOR THE SECOND CHILD FROM DOLLARS 2,500 TO DOLLARS 3,000 AND FOR THE THIRD CHILD FROM DOLLARS 1,500 TO DOLLARS 2,000. COST TO REVENUE IS ESTIMATED AT DOLLARS 64 MILLION IN 1977-78.
(C) THE CONCESSIONARY RATES OF DUTY ON CONVEYANCES OF LOW VALUE PROPERTIES WILL APPLY TO PROPERTIES OF UP TO DOLLARS 100,000 (FIXED CHARGES OF DOLLARS 20): AND DOLLARS 175,000 (AD VALOREM RATE OF 18) COMPARED WITH THE PRESENT DOLLARS 75,000 AND DOLLARS 150,000 RESPECTIVELY. THESE NEW PLATFORMS WILL ALSO BE EXTENDED TO VOOLUNAARY DISPOSITIONS INTER VIVOS.
AT DOLLARS 15 MILLION IN 1977-78.
COST TO REVENUE IS ESTIMATED
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/(D) THE
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