Rates of land-tax for year commencing 1st April, 1946.

Rates of income-tax for year commencing 1st April, 1946.

Schedule Rates of Land-tax and Income-tax for the Year commencing on the 1st April, 1946

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Land and Income Tax (Annual) Act 1946

Public Act		1946 No 12
Date of assent		16 September 1946

	Title
1	Short Title.
	Land-tax
2	Rates of land-tax for year commencing 1st April, 1946.
	Income-tax
3	Rates of income-tax for year commencing 1st April, 1946.
	Schedule Rates of Land-tax and Income-tax for the Year commencing on the 1st April, 1946

An Act to fix the Rates of Land-tax and Income-tax for the Year commencing on the First Day of April, Nineteen hundred and forty-six.

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—

1 Short Title.

This Act may be cited as the Land and Income Tax (Annual) Act, 1946, and shall be read together with and deemed part of the Land and Income Tax Act, 1923.

Land-tax

2 Rates of land-tax for year commencing 1st April, 1946.

For the year commencing on the first day of April, nineteen hundred and forty-six, land-tax shall be assessed, levied, and paid, pursuant to Part V of the Land and Income Tax Act, 1923, at the rates specified in Part I of the Schedule to this Act.

Income-tax

3 Rates of income-tax for year commencing 1st April, 1946.

For the year commencing on the first day of April, nineteen hundred and forty-six, income-tax shall be assessed, levied, and paid, pursuant to Part VI of the Land and Income Tax Act, 1923, at the rates specified in Part II of the Schedule to this Act.

Schedule Rates of Land-tax and Income-tax for the Year commencing on the 1st April, 1946

Part I Land-tax

1.

Where the unimproved value on which land-tax is payable does not exceed £5,000, the rate of land-tax shall be 1d. for every £1 thereof.

2.

Where the unimproved value on which land-tax is payable exceeds £5,000, the rate of land-tax shall be 1d. for every £1 thereof, increased by 1/8000d. for every £1 in excess of £5,000, but so as not to exceed in any case the rate of 6d. in the £1.

Part II Income-tax

1.

Subject to the provisions of this Part of this Schedule and to the limitation imposed by subsection (4) of section 2 of the Land and Income Tax Amendment Act, 1940, the rates of income-tax shall be the basic rates specified in the Schedule to that Act, as amended by section 5 of the Finance Act, 1942.

2.

Subject to the limitation imposed as aforesaid the basic rates specified in clauses 2 and 3 of the said Schedule shall be deemed to be increased by 15 per cent.

3.

Subject to the limitation imposed as aforesaid the basic rates prescribed by clause 4 of the said Schedule shall be computed as if the rates specified in Part B of that Schedule were increased by 15 per cent.

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Land and Income Tax (Annual) Act 1946