STAMP ACT 1891 - SECT 59 Certain contracts to be chargeable as conveyances on sale.

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STAMP ACT 1891 - SECT 59

Certain contracts to be chargeable as conveyances on sale.

59.(1) Any contract or agreement... for the sale of any equitable estate or
interest in any property whatsoever, or for the sale of any estate or interest
in any property except lands, tenements, hereditaments, or heritages, or
property locally situate out of the United Kingdom, or goods, wares or
merchandise, or stock, or marketable securities, or any ship or vessel, or
part interest, share, or property of or in any ship or vessel, shall be
charged with the same ad valorem duty, to be paid by the purchaser, as if it
were an actual conveyance on sale of the estate, interest, or property
contracted or agreed to be sold.

(2) Where the purchaser has paid the said ad valorem duty and before having
obtained a conveyance or transfer of the property, enters into a contract or
agreement for the sale of the same, the contract or agreement shall be
charged, if the consideration for that sale is in excess of the consideration
for the original sale, with the ad valorem duty payable in respect of such
excess consideration, [but shall not otherwise be chargeable except where
appropriate with the fixed duty of [50p]].

(3) Where duty has been duly paid in conformity with the foregoing provisions,
the conveyance or transfer made to the purchaser or sub-purchaser, or any
other person on his behalf or by his direction, shall not be chargeable with
any duty, and the Commissioners, upon application, either shall denote the
payment of the ad valorem duty upon the conveyance or transfer, or shall
transfer the ad valorem duty thereto upon production of the contract or
agreement, or contracts or agreements, duly stamped.

Subs.(4) rep. by 1970 c.21 (NI) s.19 sch.3 Pt.II

(5) [Provided that where any such contract or agreement is stamped with the
fixed duty of [50p] or would, apart from this section, not be chargeable with
duty], and a conveyance or transfer made in conformity with the contract or
agreement is presented to the Commissioners for stamping with the ad valorem
duty chargeable thereon within the period of six months after the first
execution of the contract or agreement, or within such longer period as the
Commissioners may think reasonable in the circumstances of the case, the
conveyance or transfer shall be stamped accordingly, and the same, and the
said contract or agreement, shall be deemed to be duly stamped. Nothing in
this proviso shall alter or affect the provisions as to the stamping of a
conveyance or transfer after the execution thereof.

(6) Provided also, that the ad valorem duty paid upon any such contract or
agreement shall be returned by the Commissioners in case the contract or
agreement be afterwards rescinded or annulled, or for any other reason be not
substantially performed or carried into effect, so as to operate as or be
followed by a conveyance or transfer.

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Northern Irish Legislation

STAMP ACT 1891 - SECT 59