NEW STAMP DUTIES.

Hokitika Guardian, 25 August 1924, Page 1

NEW STAMP DUTIES.

The Stamp Duties Amendment Pill, it highly technical measure was brought down by Governor-General's message in the I louse of Peprescntai ives on Wednc-ohr.-.

The Pill repeals ihc provisions in the principal Act relating to refunds of duty in cases of option for agreements of sale not exercised, al-o section 1 (lO of the principal Act, dealing with inniTgage duty. A new section, respecting mortgage duty, provides that every mortgage of lam! shall he charged with till valorem stamp duty, for which the mortgagee shall he primarily liable, and which shall he computed at the rate of (is fur every ClliO, or fraction of the principal sum secured. Extensive provisions are included concerning duly on mixed mortgages.

Every declaration of U'll-l in respect of property to he held ell a charitable trii-l in New Zealand shall be exempt from duty. The follow ng agreements are to be exempt Irom stamp duty also: ta) An agreement contained in any instrument charged with any other stamp duty not less than the duly chargeable oil agreements under section IVI of the principal Act: (b) any agreement the matter whereof is not of the value of C 29 or upwards: ,c) any agreement relating to the hire ot services; (d) an agreement with a company to accept shares in that campany: ,e) tin agreement contained iii any policy or contract of insurance, or in a transfer of mortgage of any such policy or contract : u) if agreement by deed. ( lause 1:5 sets out that stamp duty of one shilling shall he payable on insurance policies, excepting lilc and marine, but this will not apply to te-iiisttram-es in respect ot which duty has been paid. A penalty ol tin is provided for a breach of tiiis clause. If eav nelson, whether as an iiisiiiei, pays any sum of money under a contract of insurance, which is not expressed in a stamped policy, or it he in ain way settles shiv claim made in respect of such a contract, he 'hall be liable on summary conviction to a fine „f not 1.-" iluio 22. and n- t more than tilt.

Instruments of gtiaram.e for upwards of (20 are to be charged a duty of 2s till. .