Stamp Duties Amendment Act 1965

This commentary item was published in Public Information Bulletin Volume 26, September 1965.

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Stamp Duties Amendment Act 1965

This Act which came into force on 17 September 1965, makes miscellaneous amendments to the Stamp Duties Act 1954.

SECTION 1 - Short title.

SECTION 2 - In the past, when shares of a value of £20 or less were sold, sharebrokers had the option of stamping share transfers with conveyance duty by affixing and cancelling adhesive stamps or of having the transfers stamped by the Stamp Duties office. This section extends the option to accountants and solicitors.

"Accountant" means a member of the New Zealand Society of Accountants including a person licensed by the Society under section 32A (1) of New Zealand Society of Accountants Act 1958.

SECTION 3 - reduces the totalisator duty payable by racing clubs. Each club will pay duty at the rate of 2 1/2 per cent on the first £50,000 a racing year - instead of £20,000 - of gross investments on the totalisator. Duty of 5 per cent will be payable on investments in excess of £50,000 - previously £20,000. This section came into force on 1 August 1965.

SECTION 4 - abolishes stakes duty. This section also came into force on 1 August 1965 and applies to all race meetings held on or after that day.

SECTION 5 - raises the limit of the exemption from lottery duty from £500 to £750.