HEAVY WAR TAXES
1917 FINANCE 81LL- ;...../■■' COMPULSORY WAR LOAN' 1: :: INVESTMENTS -'. SEVERE PENALTIES / RETAILS OF THE AMUSEMENT ■■ ;TAX ' INCREASE IN BEER DUTY SMALL SHAREHOLDERS IN "COMPANIES RELIEVED
, The Finance Bill, by whioh the war . taxes are to be' imposed, was introduced into the House of Kepresontativee by iVioe-JBegal Message- last night. The Land Tax. , Tie land tax schedule in the Bill is as follows:— "1. Where the unimproved value on •which land tax is payable does Mot exceed £1000 the rate of land tax shall be Id." for every £1 thereof. "2. Where the unimprored value on whioh land tax is payable exceeds ilOflO the rate of land tax" shall be Id. for every £1 thereof, increased by onethirty-two-thousandth part of Id: for every in excess of but so as not to exceed in any case the rate of 7d. in the "3.. In addition to the land tax payable as provided in clause 1 or clause 2 of this part of this schedule, as the case may be, there shall in every case bopayable by way of land tax an amount equal to 50 per centum of tho land tax 60: payable." Exemptions for Mortgages. • Tho exemptions allowed are as folloiv: . When that value does not exceed .£ISOO, R deduction of or When that value exceeds a deduction of .£SOO, diminished at the rate of one pound for every two pounds of that excess, eo as to leave no deduction when that value amounts to or exceeds .£2500. ' : In lieu of thie dednction there' may .be deducted as a epecial.exemption from the total unimproved value of the land of the taxpayer, in coses where that lanJL ■or any part thereof was at noon on March 31 preceding the year of assessment subject to a mortgage or niort- -. Rages, the following amount, that is to •ay';— (a) Where ■ the total unimproved value aforesaid does not exceed .£3OOO, the Bum of £1500; or (b) Where the total unimproved valueaforesaid exceeds .£3OOO the sum of SISOO, diminished at the rate of £3 for every £i of that oxcess, so as to leave no de- =• Auction under thia paragraph when that value amounts to or exceeds JSSOOO. Provided that where .he capital value of all mortgages owing by the taxpayer as aforesaid is less than the amount that would be deducted under paragraph (a) or paragraph (b) of this enb-section, 89 the case may be', the capital value of those mortgages shall be deductible in lieu of the deduction provided for by those paragraphs. Tor the purposes of these exemptions only registered mortgages are recognised. ; : Special Exemptions. ■•- In any case where the-Commissioner of , Taxes: is satisfied that the" total income .of .the owner from all' sources,'.whether in, New Zealand or elsewhere, during the yeaT preceding the year of' assessment, did not exceed .£2OO, and that by reason of ago, ill-health, or other disability, ho ■ : is'-■ incapacitated from earning any~ further income, and that payment of the .land tax in full would cause hardship, 'the Commissioner may allow by way of special exemption a deduction not exceeding J52000. -~ . " The Commissioner may, in his discretion, . where he is satisfied that a laxpayer is a widow having a child or children .wholly or partly dependent on hor for support, and that , payment of Uio !nnd rax in full would raiise nardship, allow by way of special exemption a deduction not exceeding .£3500. Absentee-owners must pay a 50 per cent increase in the amount of the land tax, and every person is to be deemed an absentee unless he has been personally present in New Zealand for onehalf of the period of four years immediately preceding the year of assessment. No person is to be deemed an absentee if ho is absent from New Zealand ou. na-val or military service. : - Sports Grounds Exempt. A new clause. provides for the levying of land tax at half the ordinary rato on the following classes of land: — . (a) Land owned by or in trust for twy religious society, if such land or the rents or profits thereof ar> used exclusively for religious, charitable, or educational purposes, and if the principal nurpos& for which that society is established is the teaching, maintenance, or ad- . vancement of Teligion; and ■ " (b) Land owned by anv association or body of persons and held exclusively foi thppurposes of any outdoor sport (other than horse racing), and not directlv or indirectly for private pecuniary profit: Provided thnt in no sunh cn?e shall the rate chargeable be less than the minimum rate chargeable in respect of other land, or tho.total of tho minimum rates in cases where by tho annual taxing Act provision is mode for two or more rates in resTect of the samo land, or for a rate to 1* increased by a percentage thereof or otherwise. Land Tax on Native Land. ' No Native shall bo chargeable with land tax in respect of his interest in land unless tho land is, as to his interest therein, in the occupation or possession of any person other than the Native owner or a trustee for him. A Native shall bo chargeable with land tax in "respect of his interest in Native land at one-half of tho rate applicable to European land, if such Nativo land is, as to his intorest theroin, in tho occupation or possession of any person other than (ho Native owner or a trustee for him. A European siall be chargeable with land tax, in respect of any interest owned by him in Native land, in the same manner and to the same extent as if it was not Native land, save that the owner of a leasehold ost.ato in Native land shall not bo deemed by virtue of this part of this Act to bo the owner of the fee-simple thereof. This section shall apply to the trustee of a Native in Hie manner in which it applies to that. Native himself. Thfc Income Tax. The incomo tax exemption of JE3OO is limited by the following clause:— ■■{"■■'From the yearly assessable incomo of cVbry person, other than a company or an absentee, thero shall, for the purpose of mossing income tax on that income, be deducted by way of special exemption the sum of .£3OO. diminishing at tho rnle ol ore pound for every pound of tho •xcess of that Income over .£6OO, eo as to
leave no deduction under this section ■when the yearly asstessable income amounts to or exceeds .£900." TJnder the progressive income tax a deduotion from income to be allowed for the sale or Temoval of timber. A deduction of 2} per cent, is allowed for depreciation of brick buildings, and i per cent, for wooden buildings. Naval and military pay earned 'beyond New Zealand is not assessable for income tax. Relief to Company Shareholders. Tlio -following- clause gives a measurs of exemption to shareholders in companies:— "If the Commissioner is satisfied, with, respect to a shareholder in ajiy company liable to income tax, that the total income of that shareholder from all sources, whether in New Zealand or elsewhere, during tho income year did not exceed iC3M, the Commissioner may pay to tho shareholder on amount equal to the amount of tax paid or payable by tho company in respect of an amount of its income cqunl to the dividends paid by it to tlio shareholder. All payments mado by the poinmissioner under this section .may bo paid ns if they were refunds of tax paid in excess." ■ ' • The Tax Rates. The rates of income tax payable arcas follow:— 1. On income assessable under Subsection (3) of Section 112 of tho Land and Income 'lax Act, 19X6, the rate of Income tax shall be Is. for every .£1 thereof. 2. On tho taxable income of. companies tho jates of income tax shall bo as follow:— (a) Where the income on which tax is payable, docs not exceed ifilGOO Hie rate shall be Is. for every jfjl thereof. (b) Where such income exceeds .£I6OO the rate shall be.ls. for every: cfil thereof increased by one twohundredth part of Id. for every ,£1 in excess of .61600, but so as not to exceed in any case tho rate of 3s. in the £1. ■■' 3. On tho taxable incomo of all taxpayers other than those referred • to in Clauses 1 and 2 hereof the rates of income tax shall be as follow:— (a) Where the income on which tox « payable, does not exceed JMflO the rate shall be 6d. for every £1 thereof. (b) Where such income exceeds JMOO tho Tate shall be 6d. for every £1 thereof increased by one two-hun-dredth part of Id. for every £1 in \ excess of £100," but 60 as not to ox--1 cecd in any case the rato of Ss. in the £1. And the rates of special war tax are as follow:— 1. Where the income on < which the special war tax is payable does not exceed .£4OO the rate shall be 6d. for every £1 thereof, increased as provided in clause 3 hereof. 2. Where the income on which the special war tax is payable exceeds MOO tho rate shall be 6d. for every £1 thereof, increased by one two-hundredth part of Id. for every £\ in excess of but so as not to exceed. 3s. in tho £1, and further increased as provided in. clause 3 hereof. 3. To the rates prescribed by clauses I and 2 hereof, respectively, there shall be added nn additional rate equal to 50 per centum thereof, and the total shall be the .rate of special war tax payable by tho taxpayer." Compulsion to Invest in War Loan, Tho clauses relating to tho compelling of persons of means to invest in the loan are as follow.— Subject to the provisions of this section, it shall be the duty of every taxpayer whose taxable incomo for the income year ended March 31; 1917, was not lees, than £700, to subscribe to the loan authorised to be raised by tho War Purposes Loan Act, 1917, an amount equal to three times tho total amount laud tax and income tax (exclusive of excess profits duty) for which ho was liable under the Finance Act, 1916: Provided that no obligation to subscribe to that loan shall bo enforceable under this section unless and until a notice iinder the hand of the Commissioner of Taxes is served on the taxpayer under subsection 5 hereof. If any taxpayer to whom this section relates has subscribed to last year's loan an amount exceeding one and a half times ftie amount of tax for which he was liable as aforesaid, the amount so contributed by him in excess shall be deducted from the amount which he is obliged under this section to subscribe to tho war-purposes loan, ana his obligation to subscribe to that loati shall bu modified accordingly. Jf any taxpayer to whom this section ro'ates has not subscribed any amount to last year's .loan the amount which he is obliged to subscribe to tho war-pur-poses loan under subsection 1 hereof eiiall be increased by an amount equal to ouo and a half times tho .amount of laud tux nnd income tax (exclusive of excess profits duty), for which he was 1 liable under the Finance Act, 1910. , 1 If any taxpayer to whom (his section relate has subscribed to last years' loan an amount less than one and a half times tho amount of land tax and incomo tax (exclusive of excess profits duty) for which he was liable under "tho Fiimnoo Act, l.ilfi, Ilia amount which ho. is obliged to subscribe, to the lvar-pnrnoscs loan under snb?ection 1 hereof shall h<t increased by an amount equal to the difference between the amount so {subscribed-, by him and one and a half times the amount of tax aforesaid. If tho Commissioner of Fas reason (o believe that any person «tvs not subscribed to the war-purposes loan <o the extent to wnicli Tie is bound to "■; £V tMs section, he may, by direction of 7,>V TiTinistcr of Finance, by notira in writing under hin hand or by successive notices, cull unnn -that person to Biib-Rfi-ibn.to that loan, within such time or times as may be specified in the notice or notices, nn ■ amount to bt> therein specified, not exceeding in the aggregate the amount which l>y this section he is obliged to subscribe. Right of Appeal. Any person upon whom a notice under this section is served as aforesaid may within fourteen days Ihercnfter appeal therefrom to tho Commissioner of Taxes on Bucti grounds as he, may specify is
his notice of appeal, and may on appeal produce such evidence as he thinks fit to show caueo why ho should not. be bound to comply with tho terms o£ tho notice.
For the purposes of any suoh appeal the Commissioner of Taxes ehall havo tho some powers as if ho were acting pursuant to eection 154 of tho principal Act.
If on the hewing of an appeal unde.r this section it is proved to tho satisfaction of the Commissioner that the appellant has subscribed to any war fund or other patriotic fund in connection ■with the war, ho pliall deduct tho amount of sucn (subscription or the total amount of all such subscriptions from the amount which tho appellant is obliged to subecrlbo to tho war purposes loan under this section. Subject to the provisions of the lafi: preceding sub-section tho Commissioner may, if he thinks fit, on any appeal under this section, exempt Hie appellant either wholly or in part from his obligation to subscribe to the loan, or may allow timo for tho payment cf the whole or any portion of the amount demanded, or ho may in his discretion dismiss the appeal. For the purposes of an appeal under this section the Commissioner may havo dissociated with him the Secretary to the Treasury and the Government Insurance Commissioner, but tho determination of every s\wh «pn»ol shall be with the Commissioner of Taxes. The Penalty. If any person on whom a notice- is served under this section and who has not appealed, or whose appeal has not been allowed, refuses or fails to comply with the terms of that notice, cr with the terms of that notice as modified by the Commissioner on appeal under this section, he shall be chargeable by way of penalty with an additional tax (neroin referred.to as a penal tax) equal to double the total amount of the land tax and income tax (exclusive •of excess profits duty) payable by him under the Finance Act,' 1916. ■ Any amount chargeable by wnv of penal tax under this section shall bo recoverable by the Commissioner as if it ■were a penal tax chargeablo under sectinn \U of the -principal Act. The Governor-General may by Order-in-Council make such regulations as may be deemed necessary for the purpose of giving effect to the provisions of this section. ■ Increased Beep Duty, Increased beer duty is imposed as follows:—"(a) Where the specific gravity of the worts used in the production of the beer does not exceed 1017, tho duty shall be at the rate of fivepenoe and twelvesixteenths of a penny per gallon of the beer; (b). Where tho specific gravity of the worts exceeds 1047 tho duty per gallon shall bo at tho rate aforesaid increased by one-sixteenth of a penny for every unit of specific gravity above 1017, but so that in no case shall tho rate exceed sixpence per gallon. Brewers' Licences. Several clauses impose restrictions on tho sale of liquor by brewers:—'A brewer shall not bo entitled to sell or deliver any beer on Christmas Day or Good Friday, or on any Sunday, or on any other day or at any other time when it is unlawful to sell intoxicating liquor in nny licensed premises within the licensed district, and, except with the permission in writing of the Collectoi of Cnstonis, shell not bo entitled to sell any beer under the authority of his licence, or to deliver any such beer, except between tho hours of seven o'clock in tho.morning And six o'clock in the evening of any other day. • No beer shall be sold under the authority of-a brewer's licence except at a. brewery, or at a depot or bottling-etoro approved for the purpose by the Collector, and no beer shall be delivered by the brewer from any place other than such brewery, depot, or bottling store. If any brewer, either by himself or his authorised agent, sells or deliv/jrs •. any beer contrary to the provisions of this section, ho shalhbe liable to & penalty not exceeding .£SO. , Issue of Licences. (1) If it appeals to the Minister, on the report of the Collector of Customs, and on such other evidence (if any) as ho consider sufficient, that the holder of a browors' licence is, by reason of tho fact that ho is not a person of good character and reputation, unfitted to bo the holder of such licence, tho Minister may, in his discretion, cancel tho licence, or suspend tho same for any period not exceeding six months, or may direct tho Collector of Customs that on the expiry of the licence by effluxion of time the licence shall not be renewed. (2) If it appears to the on the report of the Collector of Customs, and on such other evidence (if any) as he considers sufficient, that nny applicant for a brewer's licence is, by reason of tho fact that he is not a person of good character and reputation, unfitted to be the holder of such liconce, tho Minister may, in his discretion, refuse his approval of the issue of a licence to the applicant.
(3) If nny person is aggrieved by reason of the cancellation or suspension of his licence under this Faction, or by reason of the refusal of a Collector of Customs, a'cting by direction of the Minister as aforesaid, to renew any licence or to grant a new licence, lie may, within fourteen days after the decision of the Minister or Collector, as the rase may be, has been formally communicated to him, appeal from the decision, to the Licensing Committee exercising jurisdiction in tho licensing district ve. whioli is situated tho office of the Colloctor of Customs, or, where there is no such licensing committee, then to such licensing committee as tho Minister of Customs may appoint for the purpose, and that licensing committee shall thereupon have jurisdiction to hear and determine such appeal accordingly. ' (i) For the purposes of an appeal under this section the licensing committee shall have all the powers (including the power to make an order as to costs) that it has under the Licensing Act, 1908, in respect of the hearing of applications for the issue or renewal of licences under that Act. (5) Tho decision of tho licensing; committee on any such appeal shall be final ami conclusive. (6) The Governor-General may make such regulations as may be necessary or expedient for the purpose of giving effect to the provisions of this section. The Amusements Tax. The amusements tax is imposed in the following clauses:— "Entertainment" includes any exhibition, performance, amusement, game, or sport to which persons are admitted for/ payment. On and after November 1, 1917; there shall be charged, levied, and paid for admission to all entertainments within the meaning of this -part of this Act an exeiso duty (hereinafter referred to as an amusements tax) at the. following rates :— Payment for Admission Amusements (exclusive of the tax Amount of Tax). payable. ' Exceeding 6d. but not exceeding 2s. Gd Id. Exceeding 2s. lid. but not exceeding 5s 2d. Exceeding "is. but uot exceeding 7s. (id 3d. Exceeding 7s. (id. but not exceeding 125. lid Gd. Exceeding 12s. Gd Is. for lirst 12s. 6d., and Is. for every 10s. or part of 103. over 12s. Cd. Tax by Stamp. 'So person shall be admitted for payment to any entertainment where tho payment is subject to amusements tax, except—tii) With, a ticket stamped uitli a stamp (not before used) denoting that tho proper amusements tax has been paid; or (b) 7n epecial cases, with the approval of tho Commissioner, through n. harrier which, or by means of a mechanical contrivance which, automatically registers the number of persons admitted— unle/3 the proprietor of tho entertainnicia has made arrangements, approved by 'lie Commissioner, for furnishing returns of tlii! payments for admission to the entertainment and has given security up , to an amount and in a manner approved by the Commissioner for tho payment of duty. Definite Penalties Fixed. If any porson is admitted for payment to any place of entertainment and the provisions of this section are not complied with, the person admitted and the proprietor p£ tho ep-tortaiamßjit to which
ho is admitted shall bo liable in respect of each offence, to a penalty, in the case of the person admitted of Xo and in tlio case of'tho proprietor of £50, and tlio proprietor shall in addition bo liable to pay any duty which should have been paid.
Amusements tax ehall bo charged in respect of each person admitted for pay. meut, ami in the case of luTmission by stamped ticket shall be paid by means of tho stamp on the ticket, and in the case of admission otherwise than by stamped ticket shall be calculated and paid on tho number of admissions. Amusements tax in the case of admission otherwise than by stamped ticket shall bo recoverable from the proprietor as a debt due to tho Crown. Subscription Societies. Where the payment for admission to an entertainment is made by means of a lnmp sum paid as a subscription or contribution to any duo, association, or society, or for a season fTcTfet, or for the right of admission to a series of entertainments or to any entertainment during a certain period of time, the amusements tax shall be paid on the amount lof the lump sum; but ithere.tho Commissioner is of opinion that payment o* njump sum or nny payment for a ticket represents payment for other privileges, Tigftfs, or purposes besides the admission to an entertainment, or covera admission to an entertainment during any period for which the duty has not been in operation, the duty shall be charged on such an amount as appears to the Coinmiseianor to represent the right of admission to entertainments in recnorf: of which amusemcnU lax is payable. Remissions for Special Entertainments. Amusements tax shall not be charged on payments for admission to any entertainment where the Commissioner is satisfied—(a) That the whole takings thereof nre devoted to philanthropic or charitabl° purposes without any charge on tho takings for any expenses of the entertainment; or (b) that the entertainment is of a wholly educational character or is exclusively for the benefit of any school or other educational institution or institutions not established or conducted for profit: or (c) that the entertainment is intended only for the amusement of children, and that the charge is not more than one penny for each person; or (d) that the entertainment is provided jor partly' educational and partly, scientific purposes (but for no other purpose) by a society, institution, or cummitteo not con- : ducted or established for profit. Where tho Commissioner is. satisfied that the whole of the net procoeds of an entertainment are devoted to philanthropic or charitable purposes, and that the whole of the expenses of th* entertainment do not exceed twonty _«r centum, of the receipts,. there shall be refunded to the proprietor the amount of amusements tax paid in respect of the entertainment. All moneys payable under this Act by way of refund of duty shall, without further appropriation than this Act, be paid by the Minister of Financo out of the Consolidated Fund. Regufalions to be Made. The Governor-General may, by Order-in-Council. mako regulations for the purposes of this part of this Act for all or any of the following matters :-W For the supply and use of stamps or stamped tickets, and for securing the defacement of stamps when used; (b) for the uso of tickets covering the admission of mow than one person and the calculation of tho duty thereon, and for the payment of duty on tho transfer from one part (vf a place of enterininment to another: (c) For controlling the use of barriers or mechanical contrivance; (including the prevention of tho use of tho same barrier or mechanical contrivance for payments of a different amount), and. for securing proner records of admission bv means of barriers or mechanical contrivances; and (d) generally with respect to such other'matters or things as may, bo deemed necessary or expedient for the purpose of carrying this part of this Act into effect. If any person nets in contravention of or fails to romnlv with any such regulations ho shall be liablcjn respect of each olTenco to a fino of .£3O. Provision for Inspection, Any pereon authorised for tho purpose by writing under the hand of Hie Commissioner may enter any place of entertainment while the entertainment is proceeding and nny place ordinarily used ai a place of entertainment at all reasonable times, with a view to seeing whether the provisions of this part of this Act or any regulations ma<lo thereunder aro being "complied with. If any person prevents or obstructs tho entry of any person so authorised he shall bo liable on sntnmary conviction to a fine not exceeding ,C2O.
Time Payment for Loan Certificates. In order to encourage and facilitate the investment of small sums of money in tho war-purposes Joan by means of tho purchase of War Loan Certificates issued under Section 3 of the War Purposes Loan Act, 1917, the Postmaster-General may agree To issue such certificates on condition that the purchase money of those certificates shall be paid by monthly or other instalments extending over a period not exceeding sixteen mouths. Provided that certificates issued und«r this section shall be issued at such higher prico than that at which certificates are issued for immediate- payment as is, in the opinion of the Postmaster-General, sufficient to cover tho loss of interest occasioned by reason of the deferred payment. Every certificate so issued sliull bear date not later than the date when the Erst instalment of the purchase money becomes payable. When any person employed in the service of the Government, or of any other employer, agrees to purchase War Loan Certificates under this section, the purchase money may, with his consent, bo deducted from his salary or wages in such monthly or other instalments as may- bo agreed on, but so that tho time allowed by this section for the completion of the purchase shall not be exceeded. Every person who agrees to purchase War Loan Certificates under this section may at any time pay off the whole or any portion of the balance of the purchase money outstanding with respect to those certificates. Any person who agrees to purchase War Loan Certificates under this section shall be entitled fo receive delivery thereof on payment of tho final instalment or of any outstanaing Mancc in respect of those certificates, and shall at any time before that date be entitled on demand to r=coive a certificate under tho hand of such officer as may be appointed by the Post-master-General for tho purpose, certifying as to tho amount paid by liim in respect of War Loan Certificates undev this section and as to the amount of tho balance of purchase money for the time being outstanding in respect thereof. Any person who enters into an agreement to purchase Wai- Loan Certificates under this section may by writing under his hand, in the prescribed form, assign his interest in tlioso certificates to any other nersnn. All moneys deducted from the wages of any person in respect of the purchase by him of War Loan Certificates under this section shall be forthwith paid into tho Post Office Account. Tho J Governor-General may make such regulations as may bo necessary for the purpose of carrying into effect the provisions of this section. Five Per Cent. Bonds. For the purpose of raising any portion of the loan authorised to be raised by the War Purposes Loan Act, 1917, the Minister of Fiuanco may issue debentures or other securities (herein referred to a-i Post Office War Bonds) for amounts not ies? flian '.£11)0 and not moro than .Cs(!i). Post Office AVar Bonds shall bo issued subject to the provisions of tho Now Zeaia'nd Loans Aot, 100S, and its amendments, and shall be obtainable at all Post Office Money-order Offices throughout New Zealand. Interest at the rnto of five per centum per annum shall bo payable half-yearly on all Post Office War Bonds issued under this section, and shall ho computed from such date or dates as the Minister of Finance may pie,scribo in that behalf. Notwithstanding anything to the contrary in Section -I of the. New Zunlaml Loans Amendment Act. 1915, or in Section -t of tlio War Purposes Loan Act, 1917, or in nny othnr Act, interest nn Poet Office WinBonds issued under this section shall son shall be competent to hnve, is<nied to Land and Income Tax Act, 191 C. No person shall bo competent to have issued to him Post Office War Bonds of a greater nominal vnluo in tho aggregate than.£,loo, and every applicant for any siicli bond shall lie required to make and subscribe a statutory declaration, to tho
effect that tho value of the bonds held by him, together with the value of the bond or bonds for which application is made, dors not exceed .£SOO. Kvery Postmaslei or person for tho time being acting as a Postmaster shall bo competent to take and receive statutory declarations for tho purposes of this secTlie holder of any War Loan Certificates issued pursuant to Section 36 of the Finance Act, 1910, or to Section 3 of the War Purposes Loan Act, 1017, may, at any time within six months r.ffcr tlio passing of this Act, surrender tho 6amo r.nd accept.,in exchange therefor Post Office War Bonds issued under the last preceding section: Provided that no certificates may be surrendered by any one holder under this section of a present value, the date of surrender, of less than or more than .£SOO. Investments by Trustees. Trustees are empowered, in their discretion, to borrow moneys, upon the security of the whole or any part of the trust estate vested in them, for the purpose of investing the moneys so borrowed upon inscribed stock of the loan raised or tobe raised under tho authority of the War Purposes Loan Act, 1917, and upon inscribed stock of any lonn hereafter to Iμ raised for wir purposes under the authority of any Act that may be hereafter passed. Trustees may borrow moneys foe the purpose aforesaid upon such terms and subject to such conditions as they, in their discretion, deem necessary or expedient, and may borrow such moneys from any bank upon terms requiring such moneys to be repayable on demand. All martgagwi <\nd otXer instruments of security granted by the trustees over tho trust estate or any part thereof for the purposes of thie section shall bo exempt from stamp duty. II shall bo tho duty of the trustees forthwith to invest all money? so borrowed by them upon such inscribed stock as aforesaid, to bo registered by the trustees in their own names, but to bo held as part of the capital of tho trust estate. The moneys so borrowed shall be repaid by tho trustees out of tho first capital moneys of thetrust estate coining to their hands. For tho purposes of this subsection extension of time for payment of any sunuowing to tho trustees upon mortgage or otherwise may bo granted by tho trustees, in their discretion and from timo to time, to the person or persons owing such sum; and where such extension is granted such sum shall not bo deemed to he capital moneys of the. trust estate coming to the hands of the trustees at the commencement of or during any such extended period. No beneficiary under any trust shall have any cause of action against the trustees in respect of the exercise hy the trustees of the discretion conferred on them by this section by reason that the net incomo of such beneficiary mav be thereby reduced, or on any other ground whatsoever. Tlio Government Life Insurance Department and all savings banks are permitted to invest in the loan. To Pay Death Duties. ~ A restriction 'is placed on. tho issue of securities available for the payment of death duties. No securities other than inscribed stock are to be issued for tliis purpose, and no transfer of such stock is to be registered (luring the life-time of the holder. Public Works Loan for the Benefit of Returned Soldiers. Tho Minister of Finance is empowered, to raise, on the. security of and charged, upon tho public revenues of New Zealand, such sums of money, not exceeding in tho whole th 6 sum of £1,850,000, as he thinks fit. The sums so raised shall boar interest at such rate, not txceediug •!} per centum per annum, as. the Mmieter of Financo prescribes. .Of tho moneys raised tho Minister of Tinan.ce shall pay euoh amount as he thinks fit, not exceeding one million I pounds, to the credit ef a special account of the public account to be known as the Discharged Soldiers' Employment Account; and tho balance of the moneys so raised shall ba paid • into : tho Public Works Fund, and shall from time to timo be applied to. bho works and purpose* specified in tho sixth schedule hereto m 6uch amounts as are from time to timo appropriated by Parliament. All moneys in tho Discharged Soldiers' Employment Account may, without further appropriation than this section, V>o ixpendcd by tho Minister of Finance for the purposes of any public work that may bo undertaken by the Government with a view to ' providing employment for discharged soldiers. , . Pensions Increased. Old ago pensioners, war veteran pensioners, and eufferers from miners' phthisis aro to receive an increase of .£l3 a year in pension, and widows are to Tecoive an allowance at the rate of £6 a, year for every child in respect of which pension is drawn. , Tho Customs duties, already in forco according to resolution of the House, are included in the Bill.
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Dominion, Volume 10, Issue 3176, 29 August 1917, Page 6
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5,754HEAVY WAR TAXES Dominion, Volume 10, Issue 3176, 29 August 1917, Page 6
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