Increment value duty stamp.

Stamp duty on conveyances on sale.

(i) See 1 Dart, V. & P. 564, 5th ed.; 637, 6th ed.; 589, 7th ed.

(k) Ibid. 565, 5th ed.; 638, 6th ed.: 590, 7th ed.

(l) See stats. 54 & 55 Vict, c. 89, as. 14, 54 - 61, and First Schedule; 58 Vict. c. 16, Pt. II.; Wms. Real Prop. 615, and n. (p), 21st ed.; above, p. 28, and n. (c).

(m) Stat. 10 Edw. VII. c. 8, s. 73.

(n) Stat, 10 Edw. VII. c. 8, ss. 1, 4, 11.

(o) Conveyances on sale may be stamped, without penalty, within thirty days after their first execution; or if first executed out of the United Kingdom, within thirty days after they have bees first received in the United Kingdum; or if the Commissioners have been required to adjudicate upon the stamp, within fourteen clays after notice of the adjudication: Bee -tat. .54 & 55 Vict c. 39, ss. 12. 13, 15, amended by 58 Vict. c. 16, s. 15.

(p) Stat. 54 & 55 Vict, c . 39, s. 6.

Stat. 10 Edw. VII. ,. s, B. 73, doubling (save in the excepted cases the stamp duties imposed on conveyances on Bale by the Stamp Act, 1891, stat. 54 & 55 Vict. c. 39, First Schedule. These were 6d. for every .5l. or fraction thereof up to 25l; 2s, 6d. for every 25l. or fraction thereof up to 300l.; and above 300l for every 60l. or fraction thereof; and they are still applicable in the excepted cases.

(Sect. 54.) For the purposes of this Act the expression " conveyance on sale" includes every instrument, and every decree or order of any Court or of any commissioners, whereby any property, or any estate or interest in any property, upon the sale (b) thereof is transferred to or vested in a purchaser, or any other person on his behalf or by his direction.

(Sect. 55 (1).) Where the consideration, or any part of the consideration, for a conveyance on sale consists of any stock or marketable security, the conveyance is to be charged with ad valorem duty in respect of the value of the stock or security.

(2.) Where the consideration, or any part of the consideration, for a conveyance on sale consists of any security not being a marketable security, the conveyance is to be charged with ad valorem duty in respect of the amount due on the day of the date thereof for principal and interest upon the security.

Meaning of conveyance on sale.

How ad valorem duty to be calculated in respect of stock and securities.

(r) See previous note.

(s) See above, pp. 45, 46, 130, 174.

(t) Above, pp. 1, 200.

(u) See Great Northern Rail. Co. v. Inland Revenue Commrs., 1901, 1 K. B. 416, 417

(x) G. W. Rail. Co. v. Inland Revenue Commrs., 1894, 1 Q. B. 507; Foster v. Inland Revenue Commrs., ibid. 510; J. & P. Coats v. Inland Revenue Commrs., 1897, 2 Q. B. 423; Chesterfield Brewery Co. v. Inland Revenue Commrs., 1899, 2 Q. B. 7. As to the stamp duty upon an exchange of lands, see stat. 54 & 55 Vict. c. 39, s. 73, and First Schedule.

(y) Bristol v. Inland Revenue Commrs., 1901, 2 K. B. 336.

(z) Huntington v. Inland Re-venae Commrs., 1890, 1 Q. B. 422; Bristol v. Inland Revenue Commrs., ubi sup.

(a) P. 28, n. (e).

(b) See notes (u), (x), above.

(Sect. 56 (1).) Where the consideration, or any part of the consideration, for a conveyance on sale consists of money payable periodically for a definite period not exceeding twenty years, so that the total amount to be paid can be previously ascertained, the conveyance is to be charged in respect of that consideration with ad valorem duty on such total amount.

(2.) Where the consideration, or any part of the consideration, for a conveyance on sale consists of money payable periodically for a definite period exceeding twenty years, or in perpetuity, or for any indefinite period not terminable with life, the conveyance is to be charged in respect of that consideration with ad valorem duty on the total amount which will or may, according to the terms of sale, be payable during the period of twenty years next after the day of the date of the instrument (<•).

(3.) Where the consideration, or any part of the consideration, for a conveyance on sale consists of money payable periodically during any life or lives, the conveyance is to be charged in respect of that consideration with ad valorem duty on the amount which will or may, according to the terms of sale, be payable during the period of twelve years next after the day of the date of the instrument.

(4.) Provided that no conveyance on sale chargeable with ad calorem duty in respect of any periodical payments, and containing also provision for securing the payments, is to be charged with any duty in respect of such provision, and no separate instrument made in that case for securing the payments is to be charged with any higher duty than ten shillings.

(Sect. 57.) Where any property is conveyed to any person in consideration, wholly or in part, of any debt due to him, or subject either certainly or contingently to the payment or transfer of any money or stock, whether being or constituting a charge or incumbrance upon the property or not, the debt, money, or stock is to be deemed the whole or part, as the case may be, of the consideration in respect whereof the conveyance is chargeable with ad valorem duty (d).

(Sect. 58 (1).) Where property contracted to be sold for one consideration fur the whole is conveyed to the purchaser in separate parts or parcels by different instruments (e), the consideration is to be apportioned in such manner as the parties think fit, so that a distinct consideration for each separate part or parcel is set forth in the conveyance relating thereto, and such conveyance is to be charged with ad valorem duty in respect of such distinct consideration.

How conside-ration consisting of periodical payments to be charged.

How conveyance in consideration of a debt, etc. to be charged.

Duty on con veyance in separate parcels of property sold for one consideration.