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STAMP ACT 1891 - SECT 56

How consideration consisting of periodical payments to be charged.

56.(1) Where the consideration, or any part of the consideration, for a
conveyance on sale consists of money payable periodically for a definite
period not exceeding twenty years, so that the total amount to be paid can be
previously ascertained, the conveyance is to be charged in respect of that
consideration with ad valorem duty on such total amount.

(2) Where the consideration, or any part of the consideration, for a
conveyance on sale consists of money payable periodically for a definite
period exceeding twenty years or in perpetuity, or for any indefinite period
not terminable with life, the conveyance is to be charged in respect of that
consideration with ad valorem duty on the total amount which will or may,
according to the terms of sale, be payable during the period of twenty years
next after the day of the date of the instrument.

(3) Where the consideration, or any part of the consideration, for a
conveyance on sale consists of money payable periodically during any life or
lives, the conveyance is to be charged in respect of that consideration with
ad valorem duty on the amount which will or may, according to the terms of
sale, be payable during the period of twelve years next after the day of the
date of the instrument.

Subs.(4) rep. by 1971 c.27 (NI) s.9 sch.3 Pt.I

© 1891 Crown Copyright

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