STAMP DUTIES AMENDMENT ACT.

West Coast Times, Issue 913, 26 August 1868, Page 4

STAMP DUTIES AMENDMENT ACT.

Tho following is an abstract of the provisions of this Act, which came into force on Nov. 1:—1 :— 1. Short title of this Act shall be Stamp Duties Amendment Act, 1867. 2. Enacts that this Act shall como into operation, Ist November, 1867. 3. Provides that additional and altered duties as set forth in the schedule are to be levied. 4. Stamp duties now payable oa the instruments mentioned in the first schedule Avhereon other duties are charged by this Act, are repealed. 5.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 bo denoted by adhesive stamps. 7. Commissioners may use old dies to donote new duties. 8. Prommissory notes aie defined as notes promising the payment of any sum of money out of any particular fund, or upon any condition made pajublo to bearer or order, and not amounting in the whole to L2O. 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 nob to bo stamped after they are signed, under ' a penalty of h'fty pounds. Except they are brought lo ihc Commissioners within fourteen days after they are signed, 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 LlO I 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 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 himself liable to pay any sum of money upon any loss or contingency relative to such insurance, unless such inwanne shall be engrossed, written, or printed upon vellum, parchment, or paper — duly stamped — or shall oe guilty of endeavoring to evade the duties chargeable on such policies of insurance, he shall be liable to LIOO penalty. The agent of the assurer or the person receiving any letter or memorandum requesting insurance to pay tho duty. 12. Interest or principal on bonds, debentures, or other securities not to be paid without the instruments boing duly stamped under a penalty of L2O. 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. LlOponalty fixed for signing unstamped receipts. 16. Unstamped receipts not to bo takon in evidence until tho duty and penalty are paid. 17- Commissioners may authorise persons to sell stamps. 18. Persons acliug as distributors of stamps without being licensed, are liable to a penalty nob exceeding L2O. 19. Penalty of £20 fixed for fraudulent removal or second use of impressed or affixed stamps. 20. Impressed stamps need not be caucclled — but they must not be used as adhesive stamps. 21. Commissioners may require declaration of value of property conveyed ia exchange for other property. %i. Annuities for life arc lo be valued by reference to the table contained in third schedule. . 23. The allowance of 50s per cent to be granted in respect of paper or parchment) not previously written upon — presented to bo stamped — denoting duties chargeable in agreements, bills of exchange, promissory notes, bills o£ 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 L 5 or upwards. 2-i. 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. Tho Commissioners are authorised to stamp documents which remain unstamped pending tho decision of the Supreme Court without exacting any penalty. 26. Irregularities prior to 30th Juue, 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, maybe defaced Icibro Ist January, 1868. 3. Documents insufficiently stamped, inside prior to 30bli June, 1866, may have stamps afllxed of a sufficient value on or before Ist January, 1868. •1. I*i all cases prior lo 30tli 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 Commissioner may require evidence br declaration of the consideration. 28. Every Registrar of Duetk- tl.all refuse to register nuy instrument liable to duty dated after Ist January, 18G7, 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. Tho exemptions from duty arc mentioned in 2nd schedule. 34. Commissioner may stamp native documents.