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FINANCE (1909 10) ACT 1910 - SECT 74

Stamp duty on gifts inter vivos.

74.(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:

Provided that this section shall not apply to a conveyance or transfer
operating as a voluntary disposition of property to a body of persons
incorporated by a special Act, if that body is by its Act precluded from
dividing any profit among its members and the property conveyed is to be held
for the purposes of an open space or for the purposes of its preservation for
the benefit of the nation.

(2) Notwithstanding anything in section twelve of the principal Act, the
Commissioners may be required to express their opinion under that section on
any conveyance or transfer operating as a voluntary disposition inter vivos,
and no such conveyance or transfer shall be deemed to be duly stamped unless
the Commissioners have expressed their opinion thereon in accordance with that
section.

(3) Subsection (2) of section fifteen of the principal Act, which enables
certain instruments to be stamped after execution, shall apply to conveyances
or transfers operating as volunatry dispositions inter vivos as if those
conveyances or transfers were specified in the first column of the table in
paragraph (d) of that subsection, and the grantor or transferor were specified
in the second column of that table.

Subs.(4) rep. by 1962 c.17 (NI) s.8 sch.Pt.II

(5) 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 marriage is the consideration) the consideration for any
conveyance or transfer shall not for this purpose be deemed to be a valuable
consideration where the Commissioners are 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.

(6) [The foregoing provisions of this section shall not apply to] a conveyance
or transfer made for nominal consideration for the purpose of securing the
repayment of an advance or loan or made for effectuating the appointment of a
new trustee or the retirement of a trustee, whether the trust is expressed or
implied, or under which no beneficial interest passes in the property conveyed
or transferred, or made to a beneficiary by a trustee or other person in a
fiduciary capacity under any trust, whether expressed or implied, or a
disentailing assurance not limiting any new estate other than an estate in fee
simple in the person disentailing the property, ... and this subsection shall
have effect notwithstanding that the circumstances exempting the conveyance or
transfer from charge under this section are not set forth in the conveyance or
transfer.

Ss.75, 76 rep. by 1958 c.14 (NI) s.14 sch.2 Pt.II; 1963 c.22 (NI) s.21 sch.3
Pt.II


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