SIX MILLION LOAN.

Taranaki Daily News, 2 December 1920, Page 4

SIX MILLION LOAN.

LIABILITY TO INCOME TAX. OPERATION OP COMPULSORY CLAUSES. It is understood that the public f-,-ponse to the £6,000,000 Loan for Di* cluvged Soldier Settlement is up, U the Finance Minister's tliougli it is more than likely that tfy compulsory clauses of the Act will h»V( to be brought into operation (says thj Wellington Times). It is coaaidere* advisable by the Finance Minister tM, those liable under the compulsory loal, pi-ovisions should subscribe without d»j lav up to the amount for whieh the! will be liable. Subscriptions to loan close on December 16th j and. flinWj the Government requires the »i* l°" 4 lions to enable it to keep its pledges " the returned soldiers, it is held to M certain that the Finance Minister *i« »xeicise his compulsory jy*v«rt ahwlß the necessity to do so arise. Effect is now to be given to the «J pressed intention of Sir Joseph W«j to have New Zealand war loan «*# quoted on the London Stock EvchMfj as soon as possible after the dote o! tho war. War loan stock, it was stated to i New Zealand Times reporter, is not BUD" ' ject to the new debenture tax of 2a fid to .Is in the £. which applies only t« local bodies' loan debentures. The only tax to which the 5} per cent, stock o\ the present £6,00,0000 loan will »• liable is the income tax. No inconw tax will be payable on income derive* from such stock if the stockholder* total income does not exceed the •** emplion limit of £3OO. But if/M» total income exceeds that amount W will pay income tax according to th« scale at which he is assessed on' tM whole of his income above £3OO.