CAP. 117]
(s. 26 cont.]
Gifts inter vivos.
10 Edw. 7,
c. 8, s. 74.
Stamp.
(3) If the exchange contract is only partly cancelled, or set off, or otherwise terminated, or carried out, by a transaction on which neither bill of exchange nor telegraphic transfer duty is paid, exchange contract duty shall be paid on the equivalent in Hong Kong currency, as provided in subsection (2), of the amount of foreign currency cancelled or set off or otherwise released.
(4) Without prejudice to the rights of the seller and purchaser inter se, the person specified in head 29 in the Schedule as the person liable for stamping shall be liable under this Ordinance for the stamping of any exchange contract cancellation note which is required to be stamped under the provisions of this section.
(5) Every exchange contract cancellation note shall be duly stamped within two days after the exchange contract has been wholly or in part cancelled, or set off, or otherwise terminated, or carried out, as aforesaid.
(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 bona 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.
[22]
27. (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.
410
CAP. 117]
(s. 26 cont.]
Gifts inter vivos.
10 Edw. 7,
c. 8, s. 74.
Stamp.
(3) If the exchange contract is only partly cancelled, or set off, or otherwise terminated, or carried out, by a transaction on which neither bill of exchange nor telegraphic transfer duty is paid, exchange contract duty shall be paid on the equivalent in Hong Kong currency, as provided in subsection (2), of the amount of foreign currency cancelled or set off or otherwise released.
(4) Without prejudice to the rights of the seller and purchaser inter se, the person specified in head 29 in the Schedule as the person liable for stamping shall be liable under this Ordinance for the stamping of any exchange contract cancellation note which is required to be stamped under the provisions of this section.
(5) Every exchange contract cancellation note shall be duly stamped within two days after the exchange contract has been wholly or in part cancelled, or set off, or otherwise terminated, or carried out, as aforesaid.
(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 bona 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.
[22]
27. (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.
410
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