STAMP DUTIES AMENDMENT ACT.

Press, Volume XII, Issue 1616, 13 January 1868, Page 3

STAMP DUTIES AMENDMENT ACT.

1. Short title of thi3 Act shall be Stamp Duties Act Amendment Act 1567. 2. Enacts that this Act shall come into operation .November 1, 1867. • 3. Provides that additional and altered duties as 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duties now payable on the instruments mentioned in the first schedule whereon other duties are charged by this Act are repealed. 5. Provisions of former Act apply to this. 6. The duties on foreign promissory notes to be denoted by adhesive stamps. 7. Commissioners may use old dies to denote new duties. 8. Promissory notes are defined aa note? 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 Hgreement, by their writing their initials or names and the date of the day aiid year of writing tlieeame. 10. Bills of lading and charter parties are not to be stamped after they are signed a penalty of £50, except they are brought to the Commissioners within fourteen days after they are sipned, when they may be stamped. If brought before them after fourteen 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 duty is made payable, or shall subscribe or underwrite, or make or enter into any contract or agreement or memorandum of any such insuriince, or shall receive or contract for any premium or consideration for any such insurance, or shall knowingly take upon himself any risk or render himself liable to pay any sum of money upon any loss or contingency relative to such insurance, unless such insurance shall be engrossed, written, or printed upon vellum, parchment, or paper — duly stamped—or shall 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 duty. 12. Interest or principal on bonds, debentures, or other securities not to be paid without the instruments being duly stamped under a penalty of £20. 13. Debentures issued by or on behalf of any Provincial Government in New Zealand are exempt from duty. 14. Explains Section 31 of former Act. 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 authorise persons 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 declaraHon 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 chedule. 23. The allowance of 503 per cent to bo granted in respect of paper or parchment not previously written upon—presented to be 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. 24. A fine of 10s is to be paid to the Commissioners when any deed or instrument is presented to them for their opinion aa to the amount of duty chargeable thereon. 25. The Co nmissioners 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. Every Registrar of Deeds shall refuse to register any instrument liable to 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. The exemptions from duty are mentioned in 2nd Schedule. 34. Commissioner may stamp Native documents. Schedule I. ADDITIONAL OB ALTEBED DUTIES. Promissory Note made or purporting 8. d to be made out of the colony but endorsed negotiated or paid within the colony the 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 wbich shall be endorsed out of the colony, or purport to be so endorsed wheresoever the Bums 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 Conveyances— 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 sball be charged 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 orinstrument 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 n«t exceeding £100 «> 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