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have, each within its own jurisdiction, the powers and jurisdiction by this Proclamation vested in the Supreme Court, or any Judge thereof.
3. Save as in this Proclamation excepted, a duty (hereinafter called "Transfer Duty") of one pound five shillings per with Transfer Duty. centum on the value of any fixed property and on the value of any such lease thereof as is hereinafter mentioned shall, after the taking effect of this Proclamation, be payable and paid :
(1) By the person becoming entitled to any such property by way of purchase, exchange, donation, or in any manner otherwise than by way of legacy, testamentary, or other inheritance.
(2) By the person entering into a lease of any fixed. property, in case the lease be for not less than twentyfive years, or for the term of the natural life of any person mentioned therein, or in case it be renewable from time to time at the will of the lessee, indefinitely, or for periods which together with the first period of the lease amount in all to not less than twenty-five years.
(3) By the person entering into a lease of any mynpacht claim, or any right to minerals for any period.
(4) By the person becoming entitled by way of purchase, exchange, or donation to any lease of fixed property which, under Section twenty-nine of this Proclamation, requires to be registered in order to be of any effect as against creditors, or subsequent bond fide purchasers or lessees of such property.
Proc. No. 8 of 1902.
VALUATIONS FOR PAYMENT OF TRANSFER DUTY.
4. For the purpose of ascertaining the value of fixed property or a lease thereof chargeable with transfer duty under Property-how the provisions of this Proclamation, the following provisions shall apply:
(1) In any case of a sale and purchase of such property or lease the full and true consideration shall be set forth by the seller and purchaser respectively in the Forms A and B in the schedule hereto, and duty shall be charged on the amount of such consideration: Provided always that if it shall appear to the Receiver of Revenue empowered to receive transfer dues that the consideration so stated is considerably less than the just and fair value of such property, it shall be competent for him to cause a valuation of the said property to be made in manner and form as is provided in the next succeeding sub-section, and the amount of such valuation shall be deemed and taken to be the amount on which duty shall be
Value of Fixed
Proc. No. 8 of 1902.
(2) In case of such property changing proprietors otherwise than by, through the medium, or by means of purchase and sale, it shall be the duty of the Receiver of Revenue empowered to receive transfer duty in respect of such property, to require the parties concerned to set forth the value of such property in as nearly as possible the Forms E, F and G in the Schedule hereto, according to the nature of the transaction, and if he be not satisfied with the valuation placed thereon by the person chargeable with the payment of transfer duty, to appoint some one competent and disinterested person to ascertain upon solemn declaration the just and fair value of such property, and the amount at which such valuator shall value the said property shall be deemed and taken to be the amount on which duty shall be paid.
(3) In the case of any such lease as is mentioned in subsection (2) of the last preceding section, transfer duty shall be paid on the full value of the property leased, ascertained as provided in the last preceding sub
(4) In the case of a lease of any mynpacht claim or right to minerals not falling under sub-section (2) of the last preceding section, the total amount of rent for the whole period for which the lease has been entered into, including the periods for which the lessee has the right of renewal (if any), and in addition any other consideration which may be given for such lease shall be deemed and taken to be the value on which transfer duty shall be paid in respect thereof. Such rent and other consideration if any shall be fully set out by the lessor and lessee in Forms C and D in the Schedule:
(5) Provided always that where the consideration stated as above appears to the Receiver of Revenue to be considerably less than what is just and fair, it shall be the duty of the said Receiver of Revenue to cause a valuation to be made of such lease in manner and form as is provided in sub-section (2) of this section, and the amount of such valuation shall be deemed and taken to be the amount on which duty shall be paid.
(6) If the purchase price or other consideration for any such property consists wholly or partly of shares or other securities, such shares or securities shall be taken at their true market value on the day of sale, where it can be ascertained; otherwise the provisions of subsection (2) of this section shall apply.
(7) In every case in which the Receiver of Revenue being dissatisfied with the value placed on any property or lease by the person chargeable with the payment of transfer duty shall have appointed some competent
and disinterested person to ascertain upon solemn
(8) Nothing in this or any other section of this Proclama
tion contained shall prevent any person who shall be
5. If in any case some additional valuable consideration shall be given or promised or agreed to be given by the party to any sale or exchange or lease who is chargeable with the payment of transfer duty to the other party to the contract, or to any third person for or in respect of or in connection with such sale, exchange or lease, then such additional consideration, if in money, shall be taken into account in estimating the amount on which transfer duty is to be paid, and if such additional consideration be other than money, then the said party shall be at liberty to put by way of solemn declaration a value in money upon such additional consideration, and such value shall be taken into account in estimating the amount on which transfer duty is to be paid: Provided that the provisions of sub-sections (1) (2) (7) and (8) of the last preceding section shall apply to the value so put in case it shall appear to the Receiver of Revenue to be considerably less than the just and fair value of such additional consideration, or in case the said party shall not have put a value thereon.
6. As often as by any transaction in connection with the alienation of any fixed property or lease liable to the payment of transfer duty, the person acquiring such property or lease shall become liable to pay over and above the sum payable to the person from whom such property or lease is acquired all or any of the following charges or expenses arising out of or connected with the said transaction: that is to say
(1) The cost of any survey of the property which shall
have been made prior to and for the purposes of the said transaction, and of any survey of such property which may be made after the transaction, and the cost of all diagrams and sub-divisions, and of the plan of the property exhibited at the time of the transaction; (2) The charge made by any auctioneer for conditions of sale;
(3) The commission (if any) paid by the person acquiring
Proc. No. 8 of 1902.
Any additional consideration passing
to be taken into account in ascertaining value of property.
Costs and charges
not forming part of valuation on which duty is payable.
Proc. No. 8 of 1902.
When duty is payable.
Liability to duty
been effected not exceeding five pounds per centum upon the amount of the consideration;
(4) The auction duty payable upon any sale;
(5) The transfer duty payable thereon;
(6) The cost of all deeds necessary for effecting transfer of such property or lease, and of the mortgage deed (if any), and of all necessary stamps;
(7) The charges of conveyancers and agents incurred in effecting the transfer of the said property or lease;
(8) The rent or tax (if any) payable to Government upon the property;
then such charges or expenses shall not, nor shall any of them, be deemed or taken to form part of the consideration given for such property or lease so as to be liable to the payment of transfer duty.
When payable in
8. As often as any such contract of sale, lease, exchange or cases of deferred donation shall be entered into, by which contract it is stipulated possession. that possession of such property shall not be given, or that the said sale, lease, exchange or donation shall not take effect until some future date, the date at which the contract was entered into, and not such future date, shall be the date from which the space or term of six months mentioned in the last preceding section shall be reckoned.
7. The transfer duty upon or in respect of every sale, lease, exchange or donation shall be payable within six months from the date of the sale, lease, exchange, or donation as the case may be, and from and after the expiration of such six months and until payment or deposit of the amount of such duty, interest thereupon at the rate of twelve pounds per centum per annum shall be payable and shall be recoverable as part of the duty.
When duty pay
9. As often as any sale, lease, exchange or donation of able in cases of con- fixed property shall be conditional, then the said space or term ditional sale, &c.
of six months shall begin to be reckoned from the day on which the contract was first entered into: Provided that in case any such contract shall become dissolved by reason of the happening of any dissolutive condition after the payment of transfer duty, then upon proof given of such dissolution such duty shall be returned.
10. Whenever any fixed property or lease shall be regisof joint tered in the name of more persons than one as joint owners, all the said persons shall be deemed and taken for the purposes of the payment of duty upon or in respect of any sale, alienation, or lease, by any of them to any other or others of them, to have equal shares and interest in the said property or lease, unless the particular share or interest shall be declared and set forth in the
By Pr. Tr. 27 of 1902, sect. 2, no interest is to be deemed to accrue under this section in respect of the period from 1st Oct., 1899, to the 20th May, 1902-the date of the opening of the Registration Offices.
title deed or other instrument recorded in the Deeds or other Registration Office.
EXEMPTION FROM TRANSFER DUTY.
11. No transfer duty shall be remitted upon any transaction on which such duty is required to be paid under this Procla- forbidden. mation except as specially therein provided and except upon transactions with regard to which the transfer duty, if paid, would be paid directly from out of the Imperial or Colonial Revenue.
Proc. No. 8 of 1902.
13. Exemption from transfer duty shall be allowed in the cases and to the extent hereinafter set forth: that is to say: (1) Whan any person, being by law or appearing upon the records of the Deeds or other Registration Office to be a joint owner of any fixed property or lease, shall purchase or acquire that property, or lease, or any portion thereof, he shall not be charged with transfer duty upon that proportion of the value of such property or lease which represents his individual share or interest.
Return of duty if
12. As often as any contract of sale, lease, exchange, or donation upon which transfer duty shall be payable, shall be sale, &c., declared set aside, or cancelled, or declared or made void by the judgment of any competent Court, the transfer duty upon such sale, lease, exchange, or donation, if unpaid shall not be payable, and if paid shall be returned.
(2) In every case of voluntary or compulsory partition
Remission of duty
Exemptions from obligation duty.