STAMP DUTIES AMENDMENT ACT.

West Coast Times, Issue 915, 28 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 como into opera! ion, Ist November, 1867. 3. Provides that additional and altered duties as set forth in tho 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duties now payable on the instruments mentioned in the first schedule whereon other duties are charged by this Act, are repealed. 5.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 dutios on foreign- promissory notes to be denoted by adhesive stamps.

7. Commissioners mny use old dies to denofc new duties.

8. Prommissory notes aio defined as note 3 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 L2O.

9. Tho stump 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 clay and year of writing the snnie.

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 after they are signed, when they may be stamped. If brought before them after fourteen days and within one month, they may still be elamppd, but are liable to a HO 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 receivo or contract for any premium or consideration for any such insurance, or sh<-.1l 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 insumnr-.e shall be engrossed, written, or printed upon vellum, parchment, or piipcr — duly stamped— or shall bo guihy of enclea-voiing to evade the duties' chargeable on such policies of insurance, he shall be liable to LIOO penalty. The agent of the assuror or the person receiving any letter or memorandum requesting insurance to pay the duty.

12. Interest or principal on bond-3, debentures, or other securities not to be puid without the instruments being duly stamped under a penalty of L 20 ."

13. Debentures issued by or on behalf of any Provincial Crorernment in New Zealand are exempt from duty.

14. Explains Section 31 of former Act15. LlOpenalty fixed for signing unstamped receipts.

lfi. 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, are liable to a penalty not exceeding L2O.

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 f\s adhesive stamps.

21. Commissioners may inquire declaration of value of property conveyed in exchange for other property. 22. Annuities for life are to bo valued by refer er.co to the table contained in third schedule.

23. The allowance of 50s per cent to be grtmtcd'iu 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, chuff d 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. 24. A fine of 10s is to be paid to the Oommibsioners when ony deed or instrument is presented to them for their opinion as to the amount of duty chargeable thereon. 25. T'io 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 bo remedied as follows : — 1. Documents stamped with postage stamps of a sufliciont value- prior to 30th June, 1807, shall be deemed valid. 2. Stamps not defaced in the manner required by law, may be defaced before Ist January, 1808. 3. Documents insufficiently stamped, made prior to 30ih June, 186G, 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 adhesive stamps have been affixed instead of impressed stamps — such nso of adhesive stamps shall be held to lui'.o boon in compliance with the pi'ovisions oi the A el. 27. When a conveyance i-> ! ') lci"6d for assessment of duty, the Comiuiaf.^iur nvty requiro evidence by declaration of the consideration. 28. Every Eogislrar of Deeds shall refuse to register any instrument liable to duty dated after Ist January, ISC7, and not duly stiimpotl, 29. Inlerprcfation of any intestate in 4-lth Section of Stamp Act. 30. Deiims meaning of Commissio-ic; 1 -. 31 and 32. Amend schedules of Stamp Duties Act. 33. The- exemptions fro.n duty are mentioned in 2nd schedule. 3-1. Commissioner may stamp native^documents. SCHEDULE I. Additional ok Ar/raiuu Dutiks. s. d. Peomissoky Note mode or pmporting to bo made ou'. of the colony but endorsed negotiate 1 or paid within (he colony IV same duty aa on an inland bill pa) ii'»le to bearer or to order at any time o^icrviao than on demand. BilTj oi' Exchange payable on demand which bhall be endorsed out of iho colony or purport to bo so endorsed wheresoever the same may have been drawn but paid within the colony ... ... ...0 1 RiXKiprs for money deposited at iulerett in any bank or.in tho hands of any banker ... ... 0 1 'AGin.iairasT by ileeu ... ... 10 0 Conveyances — Wliero tho consideration or uny part of the consideration shall be any conveyance or transfer of other land or property by way or in tho nature of au oxchango shall bo charged with the ad valorem duty duty in respeot of the n«nount which shall bo by tho povson ox-

eeuting the conveyance declared to be the value of the land conveyed. Where the consideration or any part of the consideration shall beany annual sum of money payable in perpetuity shall bo charged with tho ad valorem duty in respect of the amount which shall according to tho Tablo in Schedule 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 transfer or assignment of miners' property where the letter or instrument is the only act required on the part of the vendor or assignor. Whero the purchase or consideration money therein expressed or the value of the property transferred or to be transferred shall not exceed L2O ... ... 1 0 Exceeding L2O and not exceeding LSO 2 6 Exceeding LSO and not exceeding LIOO ... ... ... 5 o For every additional LSO or fractional partofLso ... ... ... 2 6 Exemplification of probate ... 2 6 CouNTEnPABT of lease or agreement by deed ... ... ... 2 6