(c) See Underground Electric Rys., etc., Ltd. v. Inland Revenue Commrs., 1905, 1 K. B. 174, 1906, A. C. 21.

(d) See Bristol v. Inland Revenue Commissioners, 1901, 2 K. B. 336.

(e) See above, p. 618.

(2.) Where property contracted to be purchased for one consideration for the whole by two or more persons jointly, or by any person for himself and others, or wholly for others, is conveyed in parts or parcels by separate instruments to the persons by or for whom the same was purchased for distinct parts of the consideration, the conveyance of each separate part or parcel is to be charged with ad valorem duty in respect of the distinct part of the consideration therein specified.

(3.) Where there are several instruments of conveyance for completing the purchaser's title to property sold (f), the principal instrument of conveyance only is charged with ad valorem duty, and the other instruments are to be respectively charged with such other duty as they may be liable to, but the last-mentioned duty shall not exceed the ad valorem duty payable in respect of the principal instrument.

(4.) Where a person having contracted for the purchase of any property, but not having obtained a conveyance thereof, contracts to sell the same to any other person, and the property is in consequence conveyed immediately to the sub-purchaser (g), the conveyance is to be charged with ad valorem duty in respect of the consideration moving from the sub-purchaser.

(5.) Where a person having contracted for the purchase of any property but not having obtained a conveyance contracts to sell the whole, or any part or parts thereof, to any other person or persons, and the property is in consequence conveyed by the original seller to different persons in parts or parcels, the conveyance of each part or parcel is to be charged with ad valorem, duty in respect only of the consideration moving from the sub-purchaser thereof, without regard to the amount or value of the original consideration.

(6.) Where a sub-purchaser takes an actual conveyance of the interest of the person immediately selling to him, which is chargeable with ad valorem duty in respect of the consideration moving from him (h), and is duly stamped accordingly, any conveyance to be afterwards made to him of the same property by the original seller shall be chargeable only with such other duty as it may be liable to, but the last-mentioned duty shall not exceed the ad valorem duty.

(Sect. 60.) Where upon the sale of any annuity or other right not before in existence (i) such annuity or other right is not created by actual grant or conveyance, but is only secured by bond, warrant of attorney, covenant, contract, or otherwise, the bond or other instrument, or some one of such instruments, if there be more than one, is to be charged with the same duty as an actual grant or conveyance, and is for the purposes of this Act to be deemed an instrument of conveyancs on sale.

On conveyance in separate parcels of property bought for one consideration by or for several persons.

Where there are several instruments of conveyance for completing one sale.

Sub-sale by purchaser before conveyance.

Conveyance in separate parcels after a sub-sale.

Where subpurchaser has taken a conveyance of the purchaser's interest.

As to sale of annuity or right not before in existence.

(f) See above, pp. 618- 620. (g) See above, p. 616.

(h) See above, p. 28, n. (e). (i) Sec above, p. 434.

(Sect. 61 (1).) In the cases hereinafter specified the principal instrument is to be ascertained in the following manner: (a) Where any copyhold or customary estate is conveyed by a deed(k), no surrender being necessary, the deed is to be deemed the principal instrument:

(b) In other cases of copyhold or customary estates (k), the surrender or grant, if made out of Court, or the memorandum thereof, and the copy of court roll of the surrender or grant, if made in Court, is to be deemed the principal instrument (l):

(c) Where in Scotland there is a disposition or assignation executed by the seller, and any other instrument is executed for completing the title, the disposition or assignation is to be deemed the principal instrument. (2) In any other case the parties may determine for themselves which of several instruments is to be deemed the principal instrument, and may pay the ad valorem duty thereon accordingly.

Conveyance by several instalments.

Copyholds conveyed by deed.

By surrender.

As we have seen (m) on the sale of any equitable interest in lands the contract for sale may be stamped with the ad valorem duty, and in that case the conveyance is not chargeable with any further stamp duty. On the sale of an equity of redemption, as the purchaser takes upon himself the burden of the mortgage debt (n), the conveyance is chargeable with ad valorem duty, not only on the price, but also on the total amount due for principal and interest on the mortgage debt (o). So a conveyance of the equity of redemption by a mortgagor to a mortgagee, in consideration of the release of the mortgage debt, is chargeable as a conveyance on sale with stamp duty on the amount of the debt (p). And a conveyance executed by a mortgagor in pursuance of an order for foreclosure absolute, obtained by an equitable mortgagee and directing the mortgagor to execute a conveyance of the legal estate, has been held chargeable with stamp duty as a conveyance on sale (q). It was formerly supposed that an order for foreclosure absolute obtained by a legal mortgagee was not an order transferring an estate or interest in property and so chargeable with ad valorem stamp duty under the Stamp Act, 1891 (r). But by the Finance Act, 1898 (s), it was declared that the definition of conveyance on sale in the Stamp Act, 1891 (/), should include decrees or orders for or having the effect of an order for foreclosure; and it was provided that, where ad valorem stamp duty is paid upon such decree or order, any conveyance following upon such decree or order shall be exempt from the ad valorem duty. And it has since been held that this enactment is retrospective, and further considered that orders for foreclosure absolute obtained by a legal mortgagee were chargeable with ad valorem stamp duty under the Act of 1891 (u). As we have seen (x), not only a conveyance by deed, but any instrument or order of any Court may be chargeable with stamp duty as a conveyance on sale. Vesting orders (y) may therefore be so chargeable; and so may Acts of Parliament (z). The stamp duty on conveyances on sale is chargeable on the value of all property assured by the conveyance; so that where on a sale of land the timber or fixtures is or are sold by valuation (a), the amount of the valuation must be stated in the conveyance (b). So must the value of the goodwill of a business, where separately valued and assigned by the conveyance of any land or chattels forming part of the assets of the business, and also where it is separately assigned (c). A conveyance of land in consideration of a rent-charge to issue thereout (d) is chargeable as prescribed above in the case of periodical payments (e); and if a lump sum be further payable immediately as part of the consideration, ad valorem duty is chargeable on that also. But on a sale of land subject to an existing rent-charge or any kind of rent, as rent service on the sale of leaseholds, the payment of the rent is held not to form any part of the consideration for the purposes of stamp duty, notwithstanding that the purchaser covenant to indemnify the vendor against such payment (f); and this is so where part of land subject to one entire rent is sold and the rent is apportioned as between the parties to the sale (g). By the Finance Act, 1000 (h), a conveyance of sale made for any consideration in respect whereof it is chargeable with ad valorem duty, and in further consideration of a covenant by the purchaser to make, or of his having previously made, any substantial improvement of or addition to the property conveyed to him, or of any covenant relating to the subject-matter of the conveyance, is not chargeable, and shall be deemed not to have been chargeable, with any duty in respect of such further consideration. So where land is conveyed in consideration of a rent-charge, and of a covenant to build thereon (i), or of the previous erection of buildings thereon, no stamp duty is chargeable in respect of the covenant or improvement.