STAMP DUTIES AMENDMENT ACT.

Lyttelton Times, Volume XXIX, Issue 2212, 23 January 1868, Page 3

STAMP DUTIES AMENDMENT ACT.

Tho following is an abstract of tho provisions ol this Act, whioh coraos into force on Nov. 1 :

1. Short title of this Act shall bo Stamp Duties ActAmondmontAot, 1867. _ 2. Enacts that this Act shall come into oDoration, Ist Novorabor, 1867, 3. Provides that additional and altered duties as sot forth in the schedule are to be levied. ■ 4. Stamp duties now payablo on the instruments mentioned in the first eolicdulo whereon other duties are charged by this Act, are repealed. 6. Provisions of former Act apply to this, fl. Tho duties on foreign promissory notes to bo denoted by adhesive stamps, 7. Commissioners may use old dies to denote new duties.

8. Prommissory notes are defined as notes promising the payment of any sum of money' out of any particular fund or upon any condition mado payable to bearer or order, and not amounting in tho whole to 5

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

10. Bills of lading and charter parties are'not to be itamped after they are signed, under a penalty of fifty pounds. Excopt they are brought to the Commissioners within fourteen days after they are signed, when they may be stamped. II brought before them after fourteen days and within one month, they may still bo stamped, bul are liable to a 102 penalty. 11. If any person shall become an assurer upoi any insurance on which any duty is made pay able, or shall subscribe or underwrite, or make o <t~

nter into anj contract or agreement or memoandumofany such insurance, or shall receive ir contract for any premium or consideration or any such insurance, or shall knowingly take ipon himself any risk or render himself liable o pay any sum of money upon any loss or ontuigency relative to such insurance, unless uch insurance shall be engrossed, written, or irinted upon vellum, parchment, or paper-duly tamped-or shall be guilty of endeavouring to vade the duties, chargeable on such policies of osurance, he shall be liable to 1002 penalty. The gent of the assurer or the person receiving any atter or memorandum requesting insurance to lay the duty. 12. Interest or principal on bonds, debentures, jr other securities not to be paid without the in. struments being duly stamped under a penalty of 20/. r '

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.

16. 10/ penalty iked for signing unstamped receipts.

16. Unstamped recoipta 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, are liable to a penalty not xceeding 20/. 19. Penalty of 201 fixed for fraudulent removal or second use of impressed or affixed stamps. 20. Impressed stamps need not be caocelled—but they must not be used as adkesive 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 schedule, 23. The allowance of SOs per cent to be 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 as to the amount of duty chargeable thereon. 25. The Commissioners are authorised to stamp documents which remain unstamped pending the decision of the Supreme Court without exacting any penalty. 26, Irregularities prior to 30th June, 1867, to be remedied as follows:

1. Documents stamped with postage stamps of a sufficient value prior to 30th June, 1867, shall be deemed valid. 2. Stamps not defaced in the manner required by law, may be defaced before Ist January, 1868. 3' Documents insufficiently stamped, made prior to 30th June, 1866, may have stamps affixed of a sufficient value on or before Ist January, 1868. 4. In all cases pior to 30th June, 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 Ist January, 1887. and not duly stamped. _ 29. Interpretation of any intestate in 44th Section of Stamp Act. 30. Defines meaning of Commisioners. 31 and 32. Amend schedules of Stamp Duties Act.

33. The exemptions from duty are mentioned in 2nd schedule.

34. Commissioner may stamp nativo documents

SCHEDULE I. Additional oe Altered Duties.

Promissory Note made or purporting to ho mado out of tho colony but endorsed negotiated or paid within the colony thesamo duty as on an inland bill payable to bearer or to order at any time otherwise than on domand. Bill of Exchange payable on demand which shall bo oudorsed out of the colony or purport to be so endorsed wheresoever the same may have been drawn but paid within the colony ... 0 : Receipts for money deposited at interest in any bank or in the hands of any banker ... ~, ,„ iti rj ] Ageeembnt by deed ... ... '" lo j 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 tho 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 bo charged'with the ad valorem duty in respect of the amount which shall according to the Tablo in Schcdiile 111, hereto annexed appear to be the value assigned to such annual sum of money. Assignment or transfer of miners' property or letters or instrument authorising the transfor or assignment of miners' properly whoro tho letter or instrument is tho only aot required on tbo part of tho vendor or assignor. Whero tho purolmso or consideration money tlioroin expressed or the valuo of the proporty transferred or to be transferred shall not oxceed 20/ ,„ 10 Excooding 201 and not oxcecding 601... 2 6 Exceeding 60/ and not exceeding 100/ 6 0 For every additional 60/ or fractional part f«M ... 2 6 Exemplification of probate ,„ 2 n CouNTKitrAUT of loaso or agreomont by do0(1 ■•• ... .„ 2 6

SCHEDULE 11. AncmoiM Exemptions phom Dm. Cheques drafts or ordors for the payinontor trans- , mission of public money by or on behalf of t Her Majesty tho Queen, or by or on behalf of tho Governor or Colonia Treasurer or by of on bolmlf ot tho Superintendent orProvincial Treasurer of any province. Bonds of officers in tho Civil Servico of New Zealand or in tho Civil Sorvico of any of the provinces of New Zealand. Letters Patent. Warrants or other instruments of appointment to olfico of the General Government or of any Provincial Government. Licenses to occupy land or cut limber under Acta or regulations relating to Crown or waste lands.

Policies insuring the'holder against risk of loss or damage by fire. Policies of assurance on lives of •persons effecting the same. Receipts for deposits in any poat-ofQce or other ; savings banks or any society established pursuant to any Act of the Goncral Assembly , for the time being in force relating to Building and Land Societies or Friendly Bonflt or Industrial Societies.

EXBHPIIOKS PEOK TJTR DIJTIBS OH PhOMISSOB! NOIBS. All notoa, promising tho payment of any sum or sums of money out of any particular fund winch major may not bo available or upon any contingency which may or may not be R rm ° dor happen whore the same shall not bo made payable to tho bearor or to order " tUo same shall amount to the sum of twenty pounds or be indoflnite. And alotner mßtruments bearing in any degree sl^, w,^{| f note lint wh.ch in law shall bo deemed special agree mcntlifttffl/ thosehenbi, oxpnssh, directed to be deemed promissory notos. But such of tho notes and instruments hero exemped from the duty on promissory note, shall nevertheless be liable to the duty which may attach thereon as agreements or otherwise,