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13 & 14 Vict. c. 97.
Where Property is sold in consideration of a redeemable Annuity, the Redemption Money to be deemed Purchase Money.
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XI. ‘And whereas it has been adjudged and determined by Law that upon the Sale of Property, where the Consideration expressed in the Conveyance is a Rentcharge or an Annuity made subject to Redemption or Repurchase, ad valorem Stamp Duty is chargeable under the Act passed in the Session of Parliament held in the Thirteenth and Fourteenth Years of Her Majesty, Chapter Ninety-seven, only where such Redemption or Repurchase may be enforced at the Option of the Vendor, and it is expedient that such Duty should be chargeable in all Cases where such Rentcharge or Annuity is made redeemable:’
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In any Case where Property shall be sold and conveyed in consideration of any Rentcharge or Annuity, or any annual or periodical Payment to be made permanently or for any indefinite Period, so that the total Amount of the Money to be paid for such Property cannot be previously ascertained, which Rentcharge, Annuity, or other Payment shall be made subject to Redemption or Purchase upon Terms and Conditions specified in the Deed or Instrument whereby the Property sold shall be conveyed to or vested in the Purchaser, or any Person by his Direction, the Money or the Consideration mentioned in the said Deed or Instrument as that on Payment or Transfer, Delivery or Satisfaction, of which the said Rentcharge, Annuity, or other Payment shall be redeemed or purchased or repurchased, or shall cease to be payable, shall be deemed to be the Purchase Money or Consideration on the Sale of the said Property so sold and conveyed, and in respect of which last-mentioned Purchase Money or Consideration the ad valorem Duty shall be chargeable; and where any such last-mentioned Consideration shall consist wholly or in part of any Stock or Security mentioned in the said Act, the Value thereof shall be ascertained as in such Act is in that Behalf provided; and where any such Annuity, Rentcharge, or other Payment aforesaid shall be made subject to Redemption or Purchase or Repurchase or Discontinuance upon Payment or Satisfaction of any Money or Value to be ascertained or calculated in manner provided in the said Deed or Instrument, the Amount of such Money or Value shall, for the Purpose of charging the said ad valorem Duty, be ascertained or calculated as in such Deed or Instrument shall be so provided.
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