Increment value duty-stamp, when required.

The Increment Value Duty stamps, and will be returned on presentation of the ticket after the expiration of the time mentioned therein. By Regulation 11, if the instrument itself be not presented by the transferor for the purpose of the assessment of Imrement Value Duty thereon, reasonable particulars thereof in the form of the various documents mentioned in Regulation 3 must be furnished by him; and a receipt will be given therefor. The form I. V. D. (A) duly filled up should be lodged at the same time. And by Regulation 12, provided the necessary particulars as above have been furnished by the transferor, the appropriate stamp will be impressed at any future date, if the instrument and the receipt for the particulars are lodged for the requisite length of time at the Head Office.

(l) Sect. 4 (3); and see above, p. 28, and n. (e). (m) Sect. 4 (7).

(n) Commissioners' Regulations, No. 7.

The vendor's duty in this respect.

(o) See above, p. 706, n. (e) (p) Above, p. 705, and n. (z). (q) See above, p. 706; Com-missioners' Regulations, No. 1. (r) Sue above, p. 700, n. (c);

Commissioners' Regulations, No. 10.

(s) See above, p. 708. (t) Above, p. 707. and n. (k).

The purchaser's concern.

Whether the contract or the conveyance should be stamped with the above stamp.

Where it seems advisable to stamp the contract.

(a) See above, pp. 696, 705. (x)See stat. In Edw. VII. c. 8, s. 4 (4), making the duty assessed a Crown debt due from the transferor. But where Increment Value Duty is payable on the death of any person, it seems to be charged like estate duty on any property liable to the duty and not passing to the executor or administrator as such; see s. 5; below, chapter on the Death Duties in Vol. II.

(y) See above, p. 708.

(z) Above, p. 629.

(a) See below, Chap. XVIII. Sec.1.

(b) Above, p. 66.

(c) See stat. 10 Edw. VII. c. 8, s. 1 (3), stated above, p. 70S: and note that " such instrument" refers to the instrument by means of

It does not appear to be strictly necessary, on a sale by auction, to make any stipulation for the vendor's protection in respect of the Increment Value Duty stamp. If he present to the Commissioners the necessary particulars for assessment of the duty, and tender to the purchaser at the time for completion the conveyance executed by all necessary parties and the official receipt for the particulars presented (d), it is thought that the purchaser will have no right to reject such tender and to refuse payment of the price on the ground that the contract or the conveyance bears no Increment Value Duty stamp (e). To avoid all misunderstanding, however, it seems advisable in ordinary cases to stipulate expressly that the vendor will, on or before delivery to him of the engrossment of the conveyance, present to the Commissioners of Inland Revenue the necessary particulars for assessment of the Increment Value Duty to become payable on the completion of sale and apply to have the conveyance stamped with the appropriate Increment Value Duty stamp, and the purchaser shall, on delivery to him of the official receipt for such particulars, complete the purchase as provided by the contract, and shall thereafter at his own expense procure the conveyance to be stamped with the appropriate Increment Value Duty stamp (f). If however the contract should contain some stipulation which the vendor may possibly require to enforce after completion, it would appear advisable to provide specially in the conditions of sale that the contract shall be impressed with such a stamp (g). It is thought that any condition for making the purchaser bear the Increment Value Duty to become payable on completion of the sale is likely to be depreciatory and should be avoided.

Conditions of pale as to the Increment Value Duty-stamp.

Which the transfer is effected or agreed to be effected; see sect. 4(2), stated above, p. 707. Note also that the Act does not precisely say that the contract need not be stamped with an Increment Value Duty stamp, where the conveyance is so stamped, though it makes express provision for the converse case; above, p. 70S. On the other hand, where there is a contract of Bale followed by a conveyance, it appears that the Act will be satisfied if the conveyance alone be stamped with such a stamp; and Regulation 7 assumes that this is the case; above, p. 708. It is submitted that a contract for the sale of land is in its inception sufficiently stamped, if stamped as required by the Stamp Act, 1891: above, p. 28, and n. (e); and further that, where the contract has not been completed by conveyance, an Increment Value Duly stamp is not necessary to make the contract available as evidence in any proceedings either to enforce it specifically or to recover damages-for its breach. The mere sale of land does not seem to be an occasion on which such duty is payable, as the duty is expressly charged on the occasion of "any transfer on sale"; above, pp. 706, 707: and this expression seems to point to the conveyance completing the contract. The vendor, moreover, is only bound to present the required instrument or particulars thereof on the occasion of any transfer on sale; above, p. 707. And it appears that in general an Increment Value Duty stamp is only required tor instruments evidencing some transaction, which is an occasion for the payment of such duty; see above, p. 708. Besides this, in any case where Increment Value Duty has been paid, but the transaction, in respect of which the duty was paid, is subsequently not carried into execution, the duty is to be returned; stat. 10 Edw. VII. c. 8, s. 4 (6). This seems to show that in any procedings for breach (before conveyance) of the contract, no Increment Value Duty stamp can he required on the contract. And it is submitted that any proceedings for specific performance must necessarily be brought on the assumption that the contract has not been completed by conveyance, and therefore that no occasion for payment of Increment Value Duty has vet arisen.

(d) Above, pp. 707, and n. (k), 709.

(e) See above, p. 710.