STAMP DUTIES ACT

Colonist, Volume X, Issue 956, 23 November 1866, Page 3

STAMP DUTIES ACT

Thr following is the the new Stamp Duties Act passed in the General Assembly of New Zealand last session:— SCHEDULE I. CONTAINING THE DUTIES ON DIEDS AHJ> OTHJtK Ihsteumbnts belating to Tbansactions betwbbn Living Pebsons. £ ». d. Agbeembnt or any minute or memorandum of any agreement under hand only, where the matter thereof shall be of the value of £20 or upwards; whether the same shall only be evidence of a contract or obligatory on the parties from its being a written instrument, together with every schedule receipt or other matter put or indorsed thereon or annexed . thereto. ~. ... 0 1 Provided always, that where divers letters shall be offered in evidence to prove any agreement between the parties who shall have written such letters, it shall be sufficient if any of such letters shall be stamped with a duty of two shillings and sixpence. Biixs of Exchange— Inland Bill of Exchange Draft or Order for the payment to the bearer or to order at any time otherwise than on demand-of any sum of money not exceeding £50 0 10 Ditto, not exceeding £100 ... ... 02 0 And where the sum shall exceed £100 then for every £50 and also for fractional part of £50 0 1 0 Foreign Bill of Exchange drawn in but payable out of the colony of New Zealand— If drawn singly or otherwise than in a set of two or more (a) If drawn in sets of two, then for every Bill of each set where the sum payable shall not exceed £50 ... 0 0 6 | And where it shall exceed £50 and and not exceed £100 0 10 And where the same shall exceed £100 then for every £50 and also any fractional part of £50 0 0 6 If drawn in sets of three or more, for every Bill of each set where the sum payable thereby shall not exceed £50 ... 0 0 4 And where it, shall exceed £50 and not exceed £100 0 0 8 And where the same shall exceed £100, then for every £50, and also any fractional part of £50 ... 0 0 4 Exemptions from the foregoing duties on Bills of Exchange, All Debentures, and Treasury Bills issued by the Government of New Zealand. All Drafts or Orders for the payment of any sum of money to the bearer, on demand, drawn upon any banker, person, or company, are exempt from the foregoing duties, but are subject to the duty of Id. charged upon Drafts or Orders. Bill of Exchange drawn out of the colony, but indorsed or negotiated within the colony, the same duties as on a Bill of Exchange drawn within the colony, and payable within the colony (b). Promissory Note, for the payment in any other manner than to the bearer, on demand, of any sum of money not exceeding £25 0 0 6 Exceeding £25, not exceeding £50 0 10 Promissory Note, for the payment either to the bearer, on demand, or in any other manner than to the bearer, on demand, of any sum of money exceeding £50, and not exceeding £100 0 2 0 Where the sum Bhall exceed £100, then for every £50, and fractional part of £50 0 10 Exemptions from the foregoing duties on Promissory Notes, but not from any other duty towbich the same may be liable.. All Promissory Notes, for the payment of money on demand, issued by any Bank or Banking Company in New Zealand authorized to issue such notes, andmaking bucli returns, and paying such compositions, as is in this Act respectively mentioned. All Bills, Drafts, or Orders, or Promissory Notes, for the payment by any Bank or Banking Company of any sum of money, though not made payable to the bearer or to order, and whether delivered to the payee or not, and all writings or documents entitling any person to the payment, by any Bank or Banking Company of any sum of money, whether the person to whom payment is to be made shall be named or designated therein or not, or whether the same shall be delivered to him or not, shall respectively be deemed to be Bills, Drafts, or Orders for the payment of money, chargeable with Stamp Duty as if the sarab had been made payable to bearer or to x order. Bim/^of Lading, or receipt in lieu thereof, from the master, mate, or agent of anyj vessel, for any goods, merchandise^ or effects to be carried to any placlt beyond the boundaries of the colony—for every such bill of lading, or receipt, or copy thereof ... ... 01 0 CONVEYANCE— ■ Oi any kind or description whatsoever, upon the sale of any property in respect of the principal or only writing, whereby the property sold shall be conveyed to or vested in the purchaser, or any other person or persons by his direction (except .. transfers expressly provided for by this act) — Where the purchase or consideration money therein or thereupon expressed shall not exceed £50 ... 0 5 0 And where the same shall exceed £50, and not exceed £100 0 10 0 And where the same shall exceed £100, then for every £50, and any fractional part of £50 0 6 0 The consideration must be truly expressed in words upon each principal deed of conveyance, and if value be given in stock or other security, its value must in like manner be set forth in full. When consideration is in Government . or other stock or debentures, the duty is payable on the average selling price at the time of the conveyance. Property held under different titles, sold , at one entire price,.must be conveyed to buyer in separate parcels, so that a distinct price may be expressed on each conveyance, to be charged with the ad valorem duty. Property contracted for by several persons jointly, or by one for himself and others, or wholly for others at one entire price for the whole, shall be conveyed in parcels by separate words containing statement of the share of purchase money paid for each, so as to admit of the imposition of an ad valorem Stamp Duty. Where separate parcels are convened to the use of different persons in one (a). The same duty as on an Inland Bill of tha same amount and tenor. (b). The same duty as on an Inland Bill of tho same amount and tenor.