LOAN LIABILITY

Waikato Times, Volume 127, Issue 21248, 19 October 1940, Page 9

LOAN LIABILITY

COMPULSORY ISSUE PAYMENT BY NOVEMBER 8 FURTHER EXPLANATION (By Telegraph.—Pr**ss Association) WELLINGTON, Friday Additional information regarding subscription requirements i.i connection with the £8,000,000 war loan has been given by the Minister of Finance, the Hon. W. Nash. If full particulars are supplied, the Commissioner of Taxes will advise anyone in doubt of the amount of his liability under the notice concerning the loan gazetted this week. The notice requires subscription to be made not later than November 8. Where amounts have already been subscribed to the loan they are, of course, taken into account in computing liability under the notice. Provision is made enabling an appeal for relief from liability to subscribe, to be made to the Minister of Finance in cases where taxpayers affected consider compliance with the notice would impose undue hardship. Appeals should be made in writing not later than November 8, and should be forwarded in the first instance to the Secretary of the Treasury. Taxpayers in business whose incomes were increased in 1939 by the inclusion of stock reserves created in some other years may compute their obligation without regard to the increase in tax occasioned by the inclusion of the amount of stock reserve.

Secondly, an appropriate adjustment may be made in cases where the return of income made in 1939 included income derived during a period greater than a year. As war loan stock is available for payment of death duty, the personal representatives of deceased persons who during their lifetime derived income during the year ended March 31, 1939, are required to subscribe only the amounts for which the deceased person would have been liable bad he lived, less the amount of death duty payable in respect of the estate.