It is also necessary that the conveyance should be duly stamped: the want of a proper stamp, does not, however, affect its validity, but merely renders it inadmissible in evidence (f).

A deed not stamped, or insufficiently stamped, at the time of execution, might, until recently, be stamped at any subsequent period upon payment of the duty and a penalty (g); and, if brought to be stamped within twelve months after execution, the commissioners were empowered to remit all or any part of the penalty (h); but after the expiration of that time they had no such discretion (i): under the late Act (k) a deed may still be stamped after execution on payment of a penalty of 10l. and the unpaid duty, and if such duty exceed 10l., then, by way of further penalty, interest at 5l. per cent. on its amount, calculated from the first execution of the instrument; but the sum payable for interest is not to exceed the amount of such unpaid duty; payment of the penalty, duty, and interest is to be denoted by an appropriate stamp; and the Commissioners retain the power of remitting the penalty within twelve calendar months after the execution of the deed.

Form of notice.

Propriety of giving notice to Trustees on purchase of equitable interest.

Importance of notice to mortgagee on purchase of equity of redemption.

Stamps; deed not evidence without.

Deed may be stamped after execution - penalty.

(c) Supra, p. 229.

(d) Goddard v. Complin, 1 Ch. Ca. 119; Blackston v. Moreland, 2 Ch. Ca. 20; Wrightson v. Hudson, 2 Eq. Ca. Abr. 609, pl. 7.

(e) Simmons v. Pettit, 8 Jur. 209; and see Whitworth v. Gaugain, Cr. & Ph. 325.

(f) Tilsley on Stamps, 1st ed.308.

As we have already seen (l), the amount of ad valorem duty is determined solely by the consideration appearing on the face of the conveyance; and a misstatement of the consideration neither avoids the deed nor affects its admissibility in evidence (m); although it may be made the subject of severe penalties, and, where the full purchase or consideration money is not truly stated, the purchaser, or his representatives, may recover from the vendor or his representatives so much of it as is not so stated (n).

The ad valorem duty is payable in respect of any money consideration (o) directly or indirectly paid or secured or agreed to be paid, or of a debt due to the purchaser and charged on the property, (which would include a registered judgment debt), or of a debt due to any other person or other sum of money which will remain a charge upon the property in the hands of the purchaser (p); a conveyance in discharge of a bond fide existing debt not charged upon the property hardly seems to come within the provisions of the Acts, but in practice it is usual in such a case to affix the ad valorem stamp (q): where timber, fixtures, or any other parts of the inheritance, are valued separately, the amount of valuation must be stated as part of the consideration; and the duty is payable upon all moneys which are agreed to be paid in all events and whose amount can be ascertained, although the payments may be deferred, and may in part take the name of interest; for instance, where the consideration is the payment of an annuity for an absolute term of years, the duty is (it is conceived) payable on the gross amount of the several payments (r); so, where the consideration is the grant of an annuity commencing from a day prior to the date of the conveyance, ad valorem duty must, it is conceived, be paid upon a proportionate part of the annuity up to the date of the conveyance; so, where the purchase-money is made payable by instalments, with interest upon the balance from time to time up to the dates of the several instalments, the duty is payable as well upon such interest as upon the principal (s).

Ad valorem duty-amount of, depends solely on consider-ation stated.

Is payable, on what consideration.

(g) 37 Geo. III. c. 136, s. 2.

(h) 44 Geo. III. c. 98, s. 24.

(i) Tilsley, 304.

(k) 13 & 14 Vict. c. 97, s. 12. Mr. Tilsley states that these provisions apply to instruments executed before the passing of the Act (see Tilsley's New Stamp Act, 6); but this seems to be at least doubtful; see 14 Jur. pt. 2, 382.

(l) Supra, p. 254.

(m) Tilsley, 250.

(n) Vide supra, p. 254; 48 Geo. III. c. 149, s. 24; Gingell v. Purkins, 19 L. J., N. S., Exch. 129.

(o) And as to stock, securities, etc. under the new Act, vide supra, p. 256.

But where the amount is incapable of being ascertained, (as where the consideration is a life annuity (t),) no ad valorem duty would seem to be payable; and the same was until recently the case when the consideration consisted of stock; but this, as we have seen (u), has been altered by the late Act.

On valuation of timber, fixtures, etc.

On all moneys absolutely agreed to be paid although payable in future, or described as interest.

But not on life annuity, or stock transferred.

(p) See 48 Geo. III. c. 149, s. 22, and 55 Geo. III. c. 184, schedule, tit. Conveyance.

(q) And see Gingell v. Purkins, 19 L. J., N. S., Exch. 129.

(r) See, and consider, Chillingworth v. Chillinguorth, 8 Sim. 404.

(s) See, and consider, Beete v. Bid-good, 7 B. & C. 453; see Lord Hatherton v. Bradburne, 13 Sim. 599; and see now the Schedule to 13 & 14 Vict. c. 97, tit. Conveyance.

(t) Blandy v. Herbert, 9 B. & C. 396,

And the vendor might and may, if he please, bond fide accept a less sum than the amount originally agreed to be paid, although the reduction be little more than nominal, and the sole object be to avoid a higher duty (w).

And no duty is payable in respect of a sum not paid to, or for the benefit of, the person who conveys, or directs the conveyance of, the estate (x); but paid to, or settled upon, other parties, as part of a family arrangement (y).

It has recently been decided, that where a person having an agreement for a lease sells his interest, and procures the lessor to grant the lease direct to the purchaser, and himself joins in the lease as a directing party, the purchase-money is liable to duty, and must be set forth as the consideration on the face of the lease (z).