THE PROPOSED NEW STAMP DUTIES.

West Coast Times, Issue 318, 29 September 1866, Page 2

THE PROPOSED NEW STAMP DUTIES.

s The schedules of Mr Fitzherbert's Resolution in favor of Stamp Duties, are four in number. Schedule I contains " the Duties on Deeds and other Instruments relating to transactions be- " tween living persons." Schedule II contains the Duties on ,Probates of Wills, and Letters of Administration, distinguishing the duties on estates disposed of by will from those on intestate estates. Schedules 111 and IV contain the rates of Legacy and Succession Duties, on testate and intestate estates.

The following is a condensed summary 1 of the diities proposed :—: — Agreement, or Minute or Menio-

randum of Agreement, under hand only, where the matter is of the yalue of LlO.aud upwards, a Stamp Duty of Is is chargeable. - . ™

Bills of Exchange (Inland), Is for every LSO, or« fractional' part of LSO. Foreign Bills, the same rate, distributed over tv o or three, as the case- may be ; thus, if there is a set of two ■ Bills of Exchange, the rate is 6d for each — if three, 4d for each bill on even- LSO or fractional part of LSO. Bills drawn out of the colony, but indorsed or negotiated within the colony, the same rate as inland Bills. Promissory Notes (other than payable on' demand), not exceeding L 25, >6d Stamp duty ; exceeding L 25, and not exceeding LSO, Is; and so on, Is for every LoO; or fractional part of that s.um. Proinmissory Notes, payable on demand, issued by any Bank in New Zealand, are exempted from these duties, but banks are otherwise chargeable, as will be seen further on. v. ' l , Bill of lading, or receipt from the master, mate, or agent of any vessel, for any goods tp be sent out of the colony ; for each bill of lading or copy {hereof, Is. ; for each receipt or copy, 6d-. This does- not interfere Avith coastal traffic.

' Conveyance of property (except trans-, fers, otherwise provided for) an a<i valorem stamp duty of 10s. for every Ll0(Tor part of Ll 00 ot the purchase price of the property ; if the price of the property is under LSO, then the stamp duty is ss. Deed of Instrument of any kind not specifically described, 10s. From this are excepted apprentices' and clerks' indentures ; and mortgages, whether affecting real or personal estate, and transfers' and re-conveyances and discharges thereof; all preferable loans under " The Wool and Oil Securities ■> Act, 1858," all Customs bonds, administration bonds, and bonds on appointment of special bailiffs.

" Drafts or cheques for payment on demand or otherwise/ one penny each.

Lease or agreement for a lease of yearly rent, LSO and under, 2s 6d ; and above that sum, ss. for every- LIOO, or part of LI 00 of rent.

Policy of insurance of ships, or cargo, or freight, for any period under three months, 2s 6d, and, for aH other marine policies, Is for each LI OO, or part of LIOO. i - '

Promissory notes payable to the bearer on demand issued. by any bank or banking company at the rate of, for every LIOO of the average annual amount .of circulation, as certified under the " Bankers Returns Act," L 2. This is two j>er cent, on the New Zealand circulation of. ftll the banks in the colouy, and will produce ,a considerable " sum.

Receipts for payments of money of forty shillings and upwards, one penny. The exemptions from this are, money paid to or for the Government ; receipts endorsed on duly stamped/ instruments acknowledging the receipt of the consideration money therein mentioned; , and acknowledgements for money deposited in banks. Transfer of any run or station held / under lease or promise of lease from' the Crown) or of any interest therein, tetf, shillings for every LIOO, or part qf LIOO of the declared value thereof.

Transfer of shares .of stock of any company or corporation, 2s 6dfor every LSO, or fractional p^art of LSO. STAMP DUTIES ON PBOBATES OF WILLS AITD LSTTEBSjor ADMINISTRATION.

liEQACX DUTIES

If the legacy be to children and their lineal descendants, or 'for the father or mother, or any lineal ancestor of the deceased, £1 per cent, on the amount of the legacy if over £20. If under £20, duty isnot exigible To brother or sister, or N v their descendant . . . . £3 pei; e«nt.

To uncle or aunt or their descendant £5 per cent To graud-uncle £r grand- "• '•» aunt, or their descendant .......... £6 per cent. To persons of remoter re- , lationship, and all strangers in blood! £10 per cent. These duties apply to residiary legatees as well as ordinary legacies. The exemptions from the duties are in shares or residues falling to nusband or wife of the deceased who is not charged. - SUCCESSION DUTIES TO HEAL ESTATES. The rates of duty are precisely the same as those above enumerated under tlie head of legacies. \ What kind of ale does a family of children represent? — Home brood (brewed).

1 estate. Intestate. £ £ s. alue of effects £100 :. 1 ... 1 10 .bovc £100 and under £200 . . . \ .... 2 ... 3 0 .bove *200 and under £300 3 . „. 4 10 Jbove £300 and undei* £400 4...6T 0 übove £400 and under £500 . ... . «... 5 . ... 7 10 Jbove 500 . . 1 per cent. 1& per cent.