ABSTRACT OF STAMP DUTIES AMENDMENT ACT.

Wellington Independent, Volume XXII, Issue 2589, 26 October 1867, Page 6

ABSTRACT OF STAMP DUTIES AMENDMENT ACT.

Passed, October, 1867. Comes into Force November 1. 1. Short title of this Act shall bo Stamp Duties Act Amendment Act, 1867. .2. Enacts that this Act shall come into operation, Ist November, 1807. 3. Provides that additional and altered duies as set forth it. the schedule are to be levied. 4. Stamp duties now payable on the instruments mentioned in the first schedule whereon other duties uve charged by this Act, arc repealed. 5. Provisions of former Act apply to tins. 6. The duties on foreign promissory notes to be denoted by adhesive stamps. 7. Commissioners may use old dies to denote new duties. 8. Promissory notes arc 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 in tho whole to £20. 9. Tho 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 bo stamped after they arc signed, under a j penalty of fifty pounds. Except they are brought | to the Commissioners within fourteen days after I they signed, when they may be stamped. If brought before them after fourteen days and within one month, they may plill be stamped, ' but are liable to a ;ClO pcnaltj . I 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 insurance shall be engrossed, written, or printed upon vellum, parchment, or paper — 'duly stamped— or shall be guilty of endeavoring to evade the duties chargeable on such policies of insurance, shall bo liable to £100 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 the in- ■ struments being duly stamped under a penalty of £20. 13. Debentures issued by or on behalf of any Provincial Government in New Zealand are , exempt from duty. 11. Explains Section 31 of former Act. 15. £10 penalty fixed for signing unstamped receipts. IG. Unstamped receipts not to be taken in , evidence until tho duty and penalty are paid. 17. Commissioners may authorise persons to sell stamps, 18. Persons acting as distributors of stamps without being licensed, liable to a penalty not ! exceeding £20. 19. Penalty of £30 fixed for fraudulent removal or second use of impressed or affixed i stamps. 20. Impressed stamps need not be cancelled — but they must not bo used as adhesive 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 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 of lading, drafts or orders for payment of money, receipts, policies of insurance, and transfer of shares in corporations, to be granted whenever tho 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 ponding the decision of the Supremo Court without exacting any penalty. 26. Irregularities prior to to 30th June, 1867, to be remedied as follows : — t 1. Documents stamped with postage stamps 3 of a sufficient value prior to 30th June, 3 1867, shall bo deemed valid. ; 2. Stamps not defaced in the manner re- , quired by law, may be defaced before Ist January 1868. 3. Documents insufficiently stamped, made s prior to 30th June, 1866, may have stamps affixed of a sufficient value on or before Ist January, 1808. 4. In all cases prior to 30th June, 1867, in which adhesive stamps have been affixed L instead of impressed stamps— such use of adhesive stamps shall be held to have been in compliance with the provisions of tho Act. 27. When a conveyance is tendered for assess- ' ment of duty, the Commissioners may require evidence by declaration of the consideration. 1 28. Every Registrar of Deeds shall refuse to register any instrument liable to duty dated after ■ Ist January, 1867 and not duly stamped. ' t 29. Interpretation of any intestate in 41<thSec--1 tion of Stamp Act. 30. Defines meaning of Commissioners. , 31 and 32. Amend schedules of Stamp Duties Act. j 33. The exemptions from duty are mentioned ' in 2nd Schedule. 34. Commissioner may stamp native doeu- ' monts. ; SCHEDULE I. Additional on Altered Duties. s d Promissory Note made or purporting to be made out of the colony but endorsed negotiated or pnid within the colony the same duty as on an inland bill payable to bearer or to order at any time otherwise than on demand. Bill of Exchange payable on demand which shall bo endorsed out of tho colony, or purport to be so endorsed wheresorer the same may have been drawn but paid within the colony.., 0 1 Receipts for money deposited at interest in 'any bank or in the hands of any banker O 1 Agreement by deed 10 0 Conveyances — Where the consideration or any part of tho consideration shall bo any conveyance or transfer of other lund or property by way or in the nature of an exchange shall be charged with the ad ■valorem duly in respect of the amount which shall be by tho person executing the conveyance declared to be tho value of the land conveyed. Where tho 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 Table in Schedule 111 hereto annexed appear to bo the value assigned to such annual sum of money. Assignment or transfer of miners' property or letters or instrument authorising tho transfer or assignment of miners' property where tho letter or instrument is tho only act required on the part of tho vendor or assignor. Where tho purchaso or consideration ' money therein expressed or the value of the property transferred or to be transferred shall not exceed £20 „, 1 0

Exceeding £20 and not exceeding £50 2 6 Exceeding £50 and not exceeding £100 5 0 Eor over additional £50 or fractional part of £50 2 6 Exemplification of probate 2 6 Counterpart of lease or agreement by ' deed 2 6 SCHEDULE 11. Additional Exemptions from Ditty. Cheques drafts or orders for tho payment or transmission of public money by or on behalf of Her Majesty the Queen, or by or on behalf of tho Governor or Colonial Treasurer or by or on behalf of the Superintendent or Provincial Treasurer of any Province. Bonds of officers in the Civil Service of New Zealand or in the Civil Service of any of the provinces of New Zealand. Letters Patent-. Warrants or other instruments of appointment to office of the General Government or of any Provincial Government. Licenses to occupy land or cut timber under Acts or regulations relating to Crown or waste lands. Policies insuring the holder against risk of los 3or damage by fire. Policies of assurance on lives of persons effecting the same. Receipts for deposits in any post office or other savings' banks or any society established pursuant to any Act of the General Assembly i'or the time being in foix-c relating to .Building and Land Societies or Friendly Benefit or Industrial Societies. Exemptions from the Duties on Promissory Notes. All notes promising the payment of any sum or sums of money out of any particular fund which may or may not be available or upon any contingency which may or may not be performed or happen where the same thall not be made payable to tho bearer or to order if the same shall amount to tho sum of twenty pounds or be indefinite. And all other instruments bearing in any degree tho form or style of promissory notes but ■ which in law shall be deemed special agreements except those hereby expressly directed to be deemed promissory notes. But such of the notes and instruments here exempted from tho duty on promissory notes shall nevertheless be liable to tho duty which may attach thereon as agreements or otherwise. SCHEDULE 111. Tables of the values of annuities to bo used for the calculation of ad valorem duties on conveyances expressed to be mado in consideration of the grant of or of a covenaut or agreement to grant any annuity or for the calculation of legacy or succession duties. Tho values of an annuity of £100 per annum, held on a single life.

Years of Age. Values. Years of Ago. Values. £sd• £ s d Birth ... 916 4 3 18 ... 650 4 9 1 ... 953 6 6 19 ... 635 18 9 2 ... 958 11 0 50 ... 621 9 9 3 ... 963 4 O 51 ... 60S 18 6 4 ... 9Gi 8 0 52 ... 592 17 0 5 ... 963 9 9 53 ... 578 18 9 6 ... 9GO 16 0 51. ... 565 6 6 7 ... 958 12 3 55 ... 551 19 0 8 ... 951 8 3 56 ... 536 15 0 9 ... 945 9 9 57 ... 525 15 0 10 ... 939 1 G 58 ... 512 15 0 11 ... 932 3 6 59 ... 499 10 G 12 ... 924. 16 0 GO ... 486 0 6 13 ... 916 19 3 61 ... 471 17 9 14 ... 908 8 9 62 ... 457 1 0 15 ... 900 4 3 G3 ... 411 8 0 16 ... 891 1G 6 GL ... 426 4 6 17 ... 883 18 0 65 ... 410 16 3 18 ... 876 12 9 66 ... 395 7 6 19 ... 870 5 6 67 ... 380 19 6 20 ... BG4 14 9 G8 ... 356 14' 3 21 ... 859 18 G 69 ... 352 12 0 22 ... 85G 10 6 70 ... 338 14 6 23 ... 853 8 3 71 ... 325 4 0 21 ... 850 5 9 72 ... 311 19 9 25 ... 817 0 0 73 ... 298 13 9 26 ... 843 7 3 74 ... 284 16 6 27 ... 83S 12 9 75 ... 270 10 3 28 ... 833 10 6 76 ... 255 19 9 29 ... 828' 0 6 77 ... 238 18 6 30 ... 822 3 9 78 ... 222 4 9 31 ... 81G 0 0 79 ... 206 4 9 32 ... 809 10 3 80 ... 190 11 6 33 ... 802 12 0 81 ... 175 7 3 34 ... 795 4 9 82 ... 160 17 3 35 ... 787 8 9 83 ... 146 5 0 36 ... 779 4 9 8i ... 131 11 0 37 ... 770 15 3 85 ... 117 9 3 38 ... 762 0 0 86 ... 103 18 0 39 ... 753 0 9 87 ... 92 5 9 40 ... 743 15 0 88 ... 82 8 9 41 ... 734 2 0 89 ... 74 3 6 42 ... 723 15 9 90 ... 66 14 6 43 ... 713 10 91 ... 61 8 0 44 ... 7^l 15 0 92 ... 53 13 6 45 ... 689 17 3 93 ... 46 11 6 4G ... 677 8 3 9i ... 39 14 3 47 ... 664 13 95 ... 32 5 G