16
10. Heading No. 15 in the Schedule to the principal
Ordinance originally had a scale divided into two parts.
This,
however, was very soon altered, as Ordinance No. 21 of 1921 made the stamp duty $1 per $100 in all cases.
Heading No. 15 deals with the stamp duty on conveyance
on sale. It seems obvious that the stamp duty on
foreclosure orders, which is dealt with in Heading No. 21,
should have been altered at the same time. This was
overlooked. Section 9 of this Ordinance now remedies that
omission.
11.
Heading No. 24 in the Schedule to the principal
Ordinance, which dealt with the stamp duty on leases,
did not provide for the case where the term of the lease
is indefinite. Section 10 of this Ordinance supplies this
omission. The words adopted are mainly based upon the
judgment of Hamilton J. in Mount Edgcumbe v. Inland
Revenue Commissioners
12.
(1911) 2 K.B. 24.
Heading No. 24 in the Schedule to the principal
Ordinance was open to another objection also, in that it
made the stamp duty on the surrender of a lease the same
as the duty on the lease. This seemed to be inequitable
and might work considerable hardship in some cases.
Apparently in England the stamp duty would be only the
ordinary deed stamp of 10s. Section 11 of this Ordinance
makes the stamp duty on surrender of a lease the same
duty as would be payable on a lease for the residue of the
term surrendered, any consideration for surrender being
regarded as premium.
13.
Heading No. 29 (2) in the Schedule to the
principal Ordinance made the stamp duty on any additional
or substituted security 10 cents for every $100 of the
principal sum secured.
This seemed unnecessarily heavy,