REFUND ON SALE.

Taranaki Daily News, 28 November 1922, Page 5

REFUND ON SALE.

IMPORTANT POINT ARGUED. HALF-A-MILLION INVOLVED. By Telegraph.—Press Association. Wellington, Last Night. A case was heard at the Supreme Court in the guise of a petition of right by M. C. Symons, Waipukurau, for a refund of ad valorem duty paid. The real question at issue is whether the statute can divest a taxpayer of the existing rights to a refund of duty, and it was stated that the decision would affect £500,000 in, revenue received for agreements for the sale ot land cancelled by agreement when the boom burst. The original law gave the right to a refund if an agreement to purchase was not carried out and a refund was applied fox within 12 months of the making of the agreement or within six months of cancellation. The Finance Act of 1920 repealed the earlier legislation and allowed a six months’ margin only. In the case before the Court the application was in time if the earlier legislation applied, but too late if the Finance Act applied. For the supplicant it was conceded a right had accrued which could not be taken away by subsequent legislation, and the Finance Act could not operate retrospectively. For the Crown it was argued that the supplicant merely had a privilege which he would not take advantage of Act was repealed. Decision was reserved.