STAMP DUTIES

Dominion, Volume 12, Issue 283, 26 August 1919, Page 6

STAMP DUTIES

A HEAVY INCREASE

EFFECT OF PROPERTY BOOM

k .In one respect (lie property bcom which Dow exists, not only in Wellington, but Mn other'centres, big and small, throughout the Dominion, is a source of revenue to the Government. One hears almost cycry day of properties changing hands Several ttfaies in a month, or even a week, and each timo a transfer is effected' there is stamp auty to be paid. In tho Goyornment Statistician's "Abstract 'of Statistics" just issued aro some iiilerestinf* particulars concerning tho $tamp Department, which is , generally accepted as one of tho minor Depart.meats of tho Public Service that'does notoall for any special attention. Yet for the year ouded March 31 last the T&v«niK> from that Department amounted . to no less a sum than .£2,14.3,721 18s. Sd„ (so that fronj a revenue produoing stand-point-the Stamp Department is amongst • the hraiiohes cf the Service which really 'county what Is amazing is the rato of the ifivenue's growth. The figures quoted are nearly double tho amount realised during tho previous year, and as the amount netted for tho firet quarter of the 1919-20 yearj amounts to 10s. 9d., it will be seem that the -year promises a yield or nearer ,€3,000,000 than £2;COO,000. Of the .£3,148,731 collected for the year 1918-19, the largest contribution was made by death duties, which realised £847,001, hnf tie item which showed tho most surprjsing increase wag that under tha hearting "Duty on Instruments," which produced <£191,162 or nearly half a million Tfvenue, This was tho money derived in 6tamp duty on iniorc'hanges or transfers of property, but that amount is going to be dwarfed into insignificance by/this year's return if the foisting "boom" in property ppijtinues. Tho first quarter of the 1919-30 year had yielded ,£271,78(5 from ' dttty on instruments," at which Ejte tho revanuo from that source alone ' should" reach a million, or double tho total for last year. ' . Tho Stamp Department also haa the •totalisator returns in its care. For the 1918-19 year the "tote" produced X 229,2?2 for the Government. For tho .first quarter of the current official year (ended Jlmo 80), the totalisator returns .amounted to .£99,817, on which basis (with all the big spring and summer meetings to come), the revenue from that 6ouroe should not be much short of half a million. The total revenue of the Stamp Department is accounted for . in the following manner:— Tear ended ■ ' Maroh 31,3919. 7 - Item. ■ .S s. d. Atfhosivo stamps 155,109i14 0, Dut7. on instruments 491,162 8 1 Gift'duty 31,735 19 5 Death duty 817,601 ilO Fines and penalties 2,340 6 9 Totalisator rovanuo 229,273 19' 0 Impressed, stamps 110,500 12 8 Annual licenses 43,089 5 11 Bank composition !~... 188,003 1 0 'Amusements tax 40,250 11 2 Miscellaneous ' 1,615 13 1 .Totals ; J!2,143,721 18 8