Stamp Act Amendment Act

Feilding Star, Volume VII, Issue 51, 8 October 1885, Page 3

Stamp Act Amendment Act

The following are the principal provisions of the Stamp Act Amendment Act which came into force on the 18th ultimo : — The duty on conveyances on sale is raised to 15 per cent, on the consideration, while deeds of gift are made liable to a duly of 15 per cent on the property tax value. The 10 per cent, duty on the alienation of native lands is chargeable, on the value instead of on tie consideration, while a deed of gift from a native to a person other than a native, is also made liable to native land duty . The agent of a foreign insurance company, carrying on business in New Zealand, no longer escapes from the payment of the annual license fee of £200 paid by colonial companies. An. annual license fee of £200 is imposed on foreign companies carrying on business in New Zealand, and having a capital of less than £400,000. A penalty of £200 is imposed for not stating all necessary particulars in policies of sea insurance. . r Where land is sold, together with the live stock or stock in trade thereon ad valoren duty is paid on the whole consideration, for the sale, even though only the land be included in the instrument Conveying the property. There are other minor alterations— for instance, section 3 of the Act provides in effect that, where there are two instruments for effectuating a sale of property and ad valorem duty is paid oh one, a duty of 10s is to be charged on the other. Section 4 raises the penalty for not stamping certain deeds within a month to 25 percent. Section 6 provides that where several persons join in an affidavit or declaration a duty of 2s 6d is payable for each person so joining. Any person who, with intent to defraud, executes or prepares an instrument without setting; forth therein all the facts necessary tor the assessment ef duty, is liable to a heavy penalty.