Sale of a lease of a separate tenement, flat or dwelling, part of a larger building.

(h) See ss. 2, 25 - 32.

(c) See ss. 7 (exempting agricultural land, as defined in s. 41, while it has no higher value than its market value at the time for agricultural purposes only), 8 (as to small houses and properties in their owner's occupation). 9 (as to land used for games or recreation), 10 (as to Crown lands), 35 (exempting land held by rating authorities), 38 (as to land held by a statutory company for the purposes of their undertaking).

(d) These (see s. 1) are (1) on the occasion of the grant, in pursuance of any contract made after the commencement of this Act, of any lease (not being a lease for a term of years not exceeding fourteen years) of the land (but see s. 22 as to mining leases); (2) on the occasion of the death of any person dying after the commencement of this Act, where the fee simple of the land or any interest in the land is comprised in the property passing on the death of the deceased within the meaning of ss. 1 and 2, sub-s. (1) (a), (b), and (c), and sub-s. 3 of the Finance Act, 1894 (stat. 57 & 58 Vict c 30), as amended by any subsequent enactment; and (3) where the fee simple of the land or any interest in the land is held by any body corporate or by any body unincorporate as defined by s. 12 of the Customs and Inland Revenue Act, 1885 (stat. 48 & 49

Vict. c. 51), in such a manner or on such permanent trusts that the land or interest is not liable to death duties, such periodical occasions as are provided in this Act (see s. 6, and s. 37 as to land held for charitable purposes).

(c) By s. 41, in this part of this Act, unless the context otherwise requires, the expression "land" does not include any incorporeal hereditament issuing or granted out of the land; and the expression " interest " in relation to land includes any undivided share in a fee simple in possession and includes a reversion expectant on the determination of a lease, but does not include any other interest in expectancy or an incumbrance as defined by this Act or any fixed charge as defined by this Act or any purely incorpoieal hereditament or any leasehold interest under a lease for a term of years not exceeding fourteen years or any tenancy which is, or is deemed to be, subject to statutory conditions under the Land Law (Ireland) Acts; and the expression "fee simple" means the fee simple in possession not subject to any lease, but does not include an undivided share in a fee simple in possession. As to the general meaning of the word land in Acts of Parliament, see above, p. 98, n. (n).

(f) See note (z), p. 705, above.

(g) Sect. 11, excepting also the grant and the passing on death of any such lease from the occasions on which this duty is to be payable.

(g) See sect. 96 (2).

(i) Sect. 4 (1). By sect. 41, the expression " the transferor" does not include any persons who join in the execution of the instrument by which the transfer is effected, or agreed to be effected, for the purpose only of conveying any estate vested in them as trustees or incumbrancers, or of acknowledging the receipt of the consideration money, or of giving consent.

(k) Sect. 4 (2 , also imposing a fine for failure to comply therewith; see s. 4 (5). and the Commissioners' Regulations; W. N. 4th June. 1910. By Regulation 3. if the instrument itself be presented, the presentation should take place, if possible, after execution by the transferor. The instrument must be accompanied either by a copy, or by an abstract such (but containing the further particulars required) as is presented with an instrument lodged for adjudication under 8. 12 of the Stamp Act, 1891. The abstract should set out fully, for purposes of identification, the description of the property sold, and if the instrument contains or refers to a plan, a copy of such plan should be furnished. A full statement should be made of any easements or reservations affecting the land, of any covenant restricting its use, and of any agreement or obligation to repair, or to pay outgoings. Any covenant or undertaking or liability to discharge any incumbrance, and any covenant or undertaking to erect buildings or to expend any sums upon the property should be set out in fall. If the easement, covenant, etc. is set forth in some other document than the instrument itself, that document should be presented as well. The official form (I. V. D. (A)) of application for an Increment Value Duty stamp, duly tilled up and signed, should also be lodged. The official form of abstract (I. V. D. (B ) can be used, if desired. By Regulation 1, the instrument, the abstract and the form I. V. D. A . when presented, will be retained by the proper officer of the Commissioners lor examination, a ticket being given by way of receipt to the person presenting them By Regulation 5, assuming that the various docu-ments or papers are found on examination to contain the particulars necessary for the purpose of enabling the Commissioners to assess the duty, and that if security has been re aired (see Regulation 14) , such security has been given, the instrument will be impressed with one of 45 (2)

The Increment Value Duty stamps.

It appears from these enactments and regulations that, after a sale of the fee simple or any interest in land as defined in the Act (o), either the contract or the conveyance must be stamped with the appropriate Increment Value Duty stamp whenever the making of the conveyance is an occasion on which Increment Value Duty is, or would but for the nature of the property conveyed be, payable: but that the contract or conveyance need not be so stamped where the conveyance does not give rise to such an occasion, that is to say, where it is made in pursuance of a contract made before the commencement of the Act (p) or to effect the transfer on sale of a lease of some such separate tenement, flat or dwelling as above mentioned (q). But it appears that, on sale after the Act of some property, which is merely exempted from being charged with the duty, such as agricultural land or small houses or properties in their owners' occupation (r), the contract or conveyance must be stamped with the Increment Value Duty stamp appropriate to the case (s). The vendor is liable to pay the Increment Value Duty; and he is bound to present to the Commissioners either the contract or the conveyance (accompanied in each case with the further information required) or else reasonable particulars thereof in the required form for the purpose of the assessment of the duty (t). But it lies in his option which of these alternatives he will select. The most convenient course for him to choose seems to be to present the required particulars, instead of parting with the possession of the contract or the engrossment of the conveyance; as this will enable him to tender to the purchaser at the time for completion the conveyance executed by all necessary parties, together with the official receipt for the particulars presented (/). If he do this, it appears that he will have discharged his duty to the purchaser under the contract, and it will be the purchaser's concern to see that the contract or the conveyance he duly impressed with the appropriate Increment Value Duty stamp (u). But the purchaser is in no way concerned to see that the duty in question be paid, for it does not appear to be charged, if not paid, on the land sold (x). It appears that in the ordinary case of a contract of sale of land to be followed by a conveyance, either the contract or the conveyance alone may be stamped with the Increment Value Duty stamp, or the contract may be so stamped and the conveyance may. be stamped with a stamp denoting the amount of duty paid (y). For the purchaser, the most convenient course will usually be to have the conveyance alone stamped with the Increment Value Duty stamp; since it is generally desired, as we have seen (z), to avoid all reference on the face of conveyances to any written contract which preceded them. If however the contract should contain any stipulation giving rise to some obligation which will not be discharged by conveyance and payment of the price (a) - for example, an express stipulation providing for compensation for errors of description (b), or a stipulation that the vendor shall build a wall on adjoining land of his own - it would seem advisable to have the contract impressed with the appropriate Increment Value Duty stamp; for it is at least a question whether the contract would, alter the execution of the conveyance, be sufficiently stamped without it (c).