STAMP DUTIES AMENDMENT ACT

West Coast Times, Issue 914, 27 August 1868, Page 4

STAMP DUTIES AMENDMENT ACT

The 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 come into operation, Ist November, 1867. 3. Provides that additional and altered duties as set forth in the schedule aro to be levied.

4. Stamp duties now payable on the instruments mentioned iv the first schedule whereon other duties are charged by this Act, are repealed. 5.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 denole now 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 payable to bearer or order, and not amounting iv tho whole to L2O. 9. The stamp on an agreement must be cancelled by two of the parties executing such agreoment, by theii" writing their initials or names, nnd the date of tho 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 fifty pounds. Except they are brought to the Commissioners within fourteen days lifter they are signed, when they may be stamped. If brought before them after fourteen clays and witbiu one month, they may still be stamped, but aro liablo to a LlO penalty. 11. If any person shall become au 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 uny such insurance, or shall knowingly take upon himself any risk or lender himself liable to pay any sum of money upon any loss or contingency relative to suih insurance, unless such inwanne shall be ciii-rossed, written, or printed upon vellum, parchment, or paper— duly stamped — or shall bo guilty of endeavoring to evade the duties elmi-geablo on such policies of insurance, he shall be liablo to LIOO 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 tho instruments being 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. LlO 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 acLing as distributors of stamps without being licensed, are liablo to a penalty not exceeding L2O. 19. Penalty of £20 fixed for fraudulent removal or second ixso of impressed or affixed stamps. 20. Impressed stamps need not be cancelled — but they must not be used as adhesivo 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 containod in third schedule.

23. Tho allowance of 50s per cent to be granted in respect of paper or parchment not previously writteu upon — presented to be stamped — denoting duties chargeable in agreements, bills of cxehange, promissory notes, bills of lading, drafts or orders tor payment of money, receipts, policies of insurance and transfer of shares in corporations, to be granted Avhenever the stamps so applied for shall amount to L 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 tho Supremo 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 piioi 1 to 30th June, 1867, shall be deemed valid. 2. Stamps nob defaced in the manner required by law, may be defaced before Ist January, 18G8. 3. D6euraents insufficiently stamped, made prior to 30fch June, 18G6, may have stamps affixed of a sufficient value on or before Ist January, 1868. 4. In all cases prior to 30th June, 1867, in which adhesivo sta-mps have been affixed instead of impressed stamps — suoh use of adhesive stamps shall be held to have been in compliance with the provisions of the Act.

27. a conveyance is imdered for assessment of duty, tho Commissioner may require evidence by declaration of the consideration.

23. Every Registrar of Deeds shall refuse (o register any instrument liablo to duty dated after Ist January, 1867, and not duly stumped, 29. Interpretation of any intestate in 44th Seel ion of Stamp Act. 30. Defines meaning of Cominiss.ioni.T3. 31 and 32. Amend schedules of Stamp Duties Act.

33. Tho exemptions from duty are mentioned in 2nd schedule. 34. Commissioner may stamp native documents.