STAMP DUTIES AMENDMENT ACT.

Press, Volume XII, Issue 1583, 3 December 1867, Page 3

STAMP DUTIES AMENDMENT ACT.

We take from the " Wellington Independent," of the 26th, the following abstract of the above Act, which was passed during the late session of the General Assembly, and come into force yesterday:—

1. Short title of this Act shall be Stamp Duties Act Amendment Act 1867.

2. Enaots that this Act shall come into operation November 1, 1867. 3. Provides that additional and altered duties--aa-set forth in the schedule are to be levied.

4. Stamp duties now payable on the instruments mentioned in the first schedule whereon other duties are charged by this Act are repealed. 5. Provision of former Act apply to this. 6. The dutiesbn foreign promissory notes to be denoted by adhesive stamps. 7. Commissioners ,may use old dies to denote new duties.

8. Promissory notes are defined as notes promising the payment of :any sum of money out of any particular fund "or upon any condition made payable to bearer or order and not amounting in the whole to £20.

9. The stamp on an agreement must be cancelled by two of the parties executing such agreement, by their writing their initials or names and the date of the day and year of writing the same.

10. Bills of lading and charter parties are not to be stamped after they are signed under a penalty of £50, except they are brought to the Commissioners within fourteen days after they are signed, when they may be stamped. If brought before then! after fotu> teen days and within one month they may still be stamped, but are liable to a £10 penalty. 11. If any person shall become an assurer upon any insurance on which any duity is made payable, or shall subscribe or under* write, or make or enter into any contract or agreement or memorandum of any such insurance, or shall receive or contract for any premium or consideration for any such insurance, or shall knowingly take upon himself any risk or render t himself liable to pay any sum"' of money upon aiiy loss or contingency relative to. sucU.:in&urapce, unless sucli insurance shall Dβ engrossed; writtenj or printed upon vellum, parchment, or paper— duly stamped—or shail be guilty of endeavouring 'to evade the' duties chargeable on such policies of insurance, shall be liable to £100 penalty, the agent of the assurer or : the person receiving any letter or memorandum requesting insurance to pay the deity. 12. Interest or principal on bonds, debentures, or other securities not to be paid without the instruments being duly stamped under a p-enalty of £20. ,: ' •■■'' -"" ! "'' '"'■'■"' 13. Debentures issued by or on behalf of any Provincial Government ixj. New. Zealand are exempt from duty. 14. Explains Section 31 of former Ac 6. 15. Ten pounds penalty fixed for signing unstamped receipts. '.■■<■■■ 16 Unstamped receipts not to be taken in evidence until the duty and penalty are paid. 17. Commissioners may authoris.&_perflona to sell stamps. . 18. Persons acting as distributors of stamps, without being licensed, liable to a penalty not exceeding £20. 19. Penalty of £20 fixed for. fraudulent removal or second use of impressed or affixed stamps. • 20. Impressed stamps need not be cancelled, but they must not be used as adhesive stamps. 21. Commissioners. may require declaration of value of property conveyed in'exchange for other property. 22. Annuities for life are to be valued by reference to the table contained in third ohedule. 23. The allowance of 50s per cent to be granted in respect of paper or parchment not previously written upon—presented to be j stamped—denoting ' duties chargeable in agreements, bills of exchange, promissory notes, bills of lading, drafts or orders for payment of money, receipts, policies of insurance, and transfer of shares in corporations, to be granted whenever the stamps so applied for shall amount to £5 or upwards. I 24. A fine of 10s is to be paid to the Commissioners when any deed or instrument is presented to them, for their opinion as to the amount of duty chargeable thereon. 25. The Commissioners are authorized to stamp documents which remain unstamped pending the decision of the Supreme Court without exacting any penalty. 26. Irregularities prior to June 30, 1867, to be remedied as follows:— 1. Documents stamped with postage stamps of a sufficient value prior to June 30, 1867, shall be deemed valid. 2. Stamps not defaced in the manner required by law may be defaced before January 1, 1868. 3; Documents insufficiently stamped, made prior to June 30, 1866, may have stamps affixed of a sufficient value on or before January 1, 1868. 4. In all cases prior to June 30, 1867, in which adhesive stamps have been affixed instead of impressed stamps, such use of adhesive stamps shall be held to have been in compliance with the provisions of the Act. 27. When a conveyance is tendered for assessment of duty the Commissioners may require evidence by declaration of the consideration. 28. Jfivery Registrar of Deeds ehall refuse to register any instrument liable tc duty dated after January 1,1867, and not duly stamped. 29. Interpretation of any intestate in 44th Section of Stamp Act. 30. Defines meaning of Commissioners. 31 and 32. Amend Schedules of Stamp Duties- Act. 33. Tbe exemptions from duty are men* Honed in 2nd Schedule. 84. Commissioner may stamp Native document!.

SCHBDtTLB I. ADDITIONAL OR AI/TEBBD DITTOS.

Promissory Note made or purporting s. d to be made out of tho colony but endorsed negotiated or paid within the colony tlie same duty as on an inland bill payable to bearer or to order at any time otherwise than on demand. — Bill of Exchange payable on demand winch shall be endorsed out of the colony, or purport to be so endorsed wheresoever the sums may have been drawn but paid within the colony. 0 1 Receipts for money deposited at interest in any Bank or in the hands of any banker ... ... ... ... 0 1 Agreement by deed 10 0 Ccnvbyahces— Where the consideration or any part of the consideration shall be any conveyance or transfer of other land or property by way or in the nature of an exchange shall be charged with the ad valorem duty in respect of the amount which shall be by the person executing the conveyance declared to be the value of the land conveyed. Where,the consideration or any part of the consideration shall be any annual sum of money payable in perpetuity shall be obarged with the ad valorem duty in respect of the amount which shall according to the Table in Schedule 111 hereto annexed appear to be the value assigned to such annual sum of money. Assignment or transfer of miner's property or. letters, or instrument authorising the transfer or assignment of miners'property where the letter or instrument is the only act required on the part of .the vendor or assignor. — Where the: purchase or consideration money therein expressed or the value of the property transferred or to be transferred.shall not exceed £20 ... 1 0 Exceeding £20 and not exceeding £50 2 6 Exceeding £50 and not exceeding £100 5 0 For every additional £50 or fractional part of £50-.... 2 6 Exemplification of probate 2 6 Counterpart of lease or agreement by deed 2 6 Schedule 11. ADDITIONAL EXEMPTIONS FBOM DUTY. Cheques drafts or orders for the payment or transmission of public money by or on behalf of her Majesty the Queen, or by or on behalf of' the Governor or Colonial Treasurer or by or on behalf of the Superintendent or Provincial Treasurer of any province. ■"■' Bonds of officera in the Civil Service of New Zealand or in the Civil Service of any of the provihces of New Zealand. Letters Patent. Warrants or other instruments of appointment to office of the General Government or of any Provincial Government. ■ Licenses to occupy land or cut timber under Acts or regulations relating' to Crown or wastelands. •'' : Policies insuring the holder against risk of loss •or damage by fire. Policies Of assurance oh lives of persons effecting the same. fb¥ deposits in any post-office or other savings' banks or any society established pursuant to any Act of the General Assembly for the time being in force relating to Building and Land Societies or Friendly Benefit or Industrial Societies. Exemptions fbom the Duties of Promissory Notes. All notes promising the payment of any sum or sums of money out of any particular fund which may or may not be available or upon any contingency which may or may riot be performed or happen where the same shall not be made pfayable to the bearer or to order if the same shall amount to the sum of £20 or be indefinite. And all other instruments bearing in any degree the form or style of promissory notes but which in law shall be deemed special agreements except those hereby expressly directed to be deemed promissory notes. : But such of the notes and instruments here exempted from the duty on promissory notes shall < nevertheless be liable to the duty which may attach thereon as agreements or otherwise.