Finance Act, 1973

Amendment of First Schedule to Stamp Act, 1891.

64.—(1) The Heading set out in Part I of the Ninth Schedule to this Act is hereby substituted for the Heading “BOND, COVENANT, or INSTRUMENT of any kind whatsoever” in the First Schedule (as amended by the Finance Act, 1970 ), to the Stamp Act, 1891.

(2) (a) The Heading set out in Part II of the said Ninth Schedule is hereby substituted for the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the said First Schedule (as so amended).

(b) The Heading in the said First Schedule inserted by paragraph (a) of this subsection shall, subject to the provisions of that Heading, be deemed to include any conveyance or transfer of any property other than stocks or marketable securities operating as a voluntary disposition inter vivos and any reference in that Heading to the amount or value of any consideration shall be construed in relation to duty chargeable on such conveyance or transfer as a reference to the value of the property.

(3) The paragraph set out in Part III of the said Ninth Schedule is hereby substituted for paragraph (3) of the Heading “LEASE” in the said First Schedule (as so amended).

(4) The Heading set out in Part IV of the said Ninth Schedule is hereby substituted for the Heading “MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security otherwise specially charged with duty) and WARRANT OF ATTORNEY to confess and enter up judgment” in the said First Schedule (as so amended).

(5) Subject to section 4 of the Stamp Act, 1891, any instrument which, by virtue of any of the preceding provisions of this section, is exempt from duty under any Heading in the said First Schedule mentioned in those provisions shall not be chargeable with duty under any other Heading in the said First Schedule.