1510
No. 8 of 1921.
STAMP.
Gifts inter vivos.
10 Edw. 7, c. 8, s. 74.
(6) No duty shall be payable upon exchange contracts for the account and in the name of any person ordinarily resident or carrying on business in Canton if the transaction bonâ fide originated in and is financed in Canton.
(7) It shall be lawful for the Collector in his discretion to allow an exchange contract cancellation note to be executed by a banker without being stamped, or without being fully stamped, if the Collector is satisfied that the amount of the duty cannot be recovered, or can be recovered only in part, from the person who is or was liable to the banker for the payment of the amount of the duty.
(8) If the parties to an exchange contract mutually agree to cancel the contract, exchange contract cancellation note duty shall be payable only in respect of the original contract, provided that the agreement is come to, and the exchange for the cancellation is fixed, and the transaction is completed, on the same day.
23. (1) Any conveyance or transfer operating as a voluntary disposition inter vivos shall be chargeable with the like stamp duty as if it were a conveyance or transfer on sale, with the substitution in each case of the value of the property conveyed or transferred for the amount or value of the consideration for the sale.
(2) Where any instrument is chargeable with duty both as a conveyance or transfer under this section and as a settlement, the instrument shall be charged with duty as a conveyance or transfer under this section but not as a settlement.
(3) Any conveyance or transfer (not being a disposition made in favour of a purchaser or incumbrancer or other person in good faith and for valuable consideration) shall for the purposes of this section be deemed to be a conveyance or transfer operating as a voluntary disposition inter vivos, and (except where a marriage is the consideration) the consideration for any conveyance or transfer shall not for this purpose be deemed to be valuable consideration where the Collector is of opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.
1510
No. 8 of 1921.
STAMP.
Gifts inter υίνος.
10 Edw. 7, c. 8, s. 74.
(6) No duty shall be payable upon exchange contracts for the account and in the name of any person ordinarily resident or carrying on business in Canton if the transaction bonâ fide originated in and is financed in Canton..
(7) It shall be lawful for the Collector in his discretion to allow an exchange contract cancellation note to be executed by a banker without being stamped, or without being fully stamped, if the Collector is satisfied that the amount of the duty cannot be recovered, or can be recovered only in part, from the person who is or was liable to the banker for the payment of the amount of the duty.
(8) If the parties to an exchange contract mutually agree to cancel the contract, exchange contract cancellation note duty shall be payable only in respect of the original contract, provided that the agreement is come to, and the exchange for the cancellation is fixed, and the transaction is completed, on the same day.
23. (1) Any conveyance or transfer operating as a volun- tary disposition inter vivos shall be chargeable with the like stamp duty as if it were a conveyance or transfer on sale, with the substitution in each case of the value of the property conveyed or transferred for the amount or value of the consideration for
the sale.
(2) Where any instrument is chargeable with duty both as a conveyance or transfer under this section and as a settlement, the instrument shall be charged with duty as a conveyance or transfer under this section but not as a settlement.
(3) Any conveyance or transfer (not being a disposition. made in favour of a purchaser or incumbrancer or other person in good faith and for valuable consideration) shall for the pur- poses of this section be deemed to be a conveyance or transfer operating as a voluntary disposition inter vivos, and (except where a marriage is the consideration) the consideration for any conveyance or transfer shall not for this purpose be deemed to be valuable consideration where the Collector is of opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.
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