Sale of an equitable interest in lands.

Of equity of redemption.

(k) Above, pp. 235, 316 tq.

(l) See also sects. 65 -68. No stamp duty is chargeable on an admittance: Elton on Copyholds, 282, 339, n. (b).

(m) Above, p. 28, n. (e).

(n) Above, p. 672.

(o)See sect. 57, above, p. 699, and below, p. 702. 702, n. (q).

(p) See Bristol v. Inland Revenue Commrs., 1901, 2 K. B. 336, and next note.

Foreclosure orders.

(c) Huntington v. Inland Revenue Commrs., 1896, 1 Q. B. 422.

(r) See above, p. 698; Re Lovell and Collard's Contract, 1907, 1 Ch. 249, 255.

(s) Stat. 61 & 62 Vict. c. 10. p. 0.

(t) Stat. 54 & 55 Vict. c. 39, s. 54; above, p. 698.

(u) Re Lovell and Collard's Contract, 1907, 1 Ch. 249.

(x) Sect. 54, above, p. 698. By sect. 122, " instrument " includes every written document.

(y) See above, pp. 536, 561.

(z) See G. W. Rail. Co. v. In-land Revenue Commrs., 1894, 1

Q. B. 507. Under the Finance Act, 1895 (stat. 58 Vict, c. 16), s. 12, where after the passing thereof by virtue of any Act of Parliament, whenever passed, any property is vested by way of sale in any person or any person is authorised to purchase property, then in the former case a King's printer's copy of the Act or some instrument relating to the vesting, and in the latter an instrument of conveyance, is to be stamped with the ad valorem duty payable upon a conveyance on sale of the property and produced to the Inland Revenue Commissioners.

Conveyance in consideration of a rent-charge.

(a) Above, p 60.

(b) 2 Dart, V. & P. 697, 5th cd.; 788, 6th ed.

(c) See Potter v. Inland Revenue Commrs., 10 Ex. 117: cases cited above, pp. 29, 30.

(d) Above, pp. 672 sq.

(c) Above, p. 699.

(f) Above, pp. 667, 672. (g) Swayue v. Inland Revenue Commrs., 1900, 1 Q. B. 172. (h) Stat. 63 Vict, c. 7. s. 10.

By the Stamp Act, 1891 (l), except where express provision to the contrary is made by this or any other Act, an instrument containing or relating to several distinct matters is to be separately and distinctly charged, as if it were a separate instrument, with duty in respect of each of the matters; and an instrument made for any consideration in respect whereof it is chargeable with ad valorem duty, and also for any further or other valuable consideration or considerations, is to be separately and distinctly charged, as if it were a separate instrument, with duty in respect of each of the considerations. So that where a conveyance takes effect as upon sale and also as a mortgage (l), it is chargeable with stamp duty on each of these transactions (m). Where one holding land subject to any kind of incumbrance (n) sells the same free from incumbrances and on completion of the sale the land is conveyed to the purchaser by one deed, in which the vendor and the incumbrancer's concur to assure their respective interests (o), stamp duty is only chargeable as upon a conveyance on sale, notwithstanding that the incumbrancers were no parties to the contract of sale and receive no part of the consideration; for, although as between the incumbrancers and the vendor their conveyance be voluntary, yet as between the conveying parties and the purchaser, the assurance is for one valuable consideration (p), and is nothing more than the conveyance on sale to him of the whole estate contracted for (q). But if in a deed of conveyance on sale some interest is also assured, which is outside the transaction of sale, as if an estate in remainder or reversion or subject to some iucumbrance were sold, and after the sale but before completion the purchaser were to iuduce the owner of the particular estate or incumbrance either gratuitously or for value to concur in the conveyance, then the deed would be chargeable with stamp duty, not only as a conveyance on sale, but also in respect of the assurance of the estate or interest not included in the sale (r). Where incumbrances are got in by a vendor prior to conveyance to the purchaser (s), the deeds of reconveyance, release or other assurance are chargeable with the stamp duty payable on such transactions under the Stamp Act, 1891 (t), and the duty must of course be borne by the vendor (s). Where any instrument is duly stamped, as for its leading and principal object, this stamp covers everything accessory to that object (u). The inclusion in a deed of conveyance of an acknowledgment or undertaking for production or safe custody of any of the title deeds does not therefore involve the payment of any additional stamp duty (x). The purchaser must bear the expense of stamping the conveyance with the amount of duty charged in respect of conveyances on sale, as such (y).

Where several transactions are carried out by one instrument.

(i) Above, p. 674.

(k) Stat. 54 & 55 Vict. c. 39, s. 4.

(l) See above, pp. 624 - 627.

(m) 2 Dart, V. & P. 705, 5th ed.; 796, 6th ed.

(n) See above, p. 619. (o) See above, p. 620. (p) Above, p. 636.

Expense of stamping.

By the Finance (1909-10) Act, 1910 (a), a stamp duty (a), called Increment Value Duty, and levied on Increment Value Duty.

(q) See Sug. V. & P. 570; 2 Dart, V. & P. 704, '5th ed.; 795, 6th ed.

(r) See Alpe's Stamp Duties, 124, 8th ed.

(s) See above, p. 618.

(t) Above, pp. 699, 700.

(u) Limmer, etc. Co. v. Inland Revenue Commrs., L. R. 7 Ex. 211, 217.

(x) Sec Sag. 7. & P. 571; 2 Dart, V. & P. 706, 5th ed.; 797, 6th ed.

(v) Above, pp. 34, G9G.

Stat. 10 Edw. VII. c. 8, s. l, passed 29th April. 1910. (a) See s.3 (6).

The increment value as defined in the Act (b) of any land, was made payable (subject to the exemptions therein mentioned (c)), amongst other occasions (d), on the occasion of any transfer on sale of the fee simple of the land or of any interest in the land (c), in pursuance of any contract made after the commencement of the Act (f). But the transfer on sale of any lease of any separate tenement, flat or dwelling, being part of a building used for the purpose of separate tenements, flats or dwellings, is not an occasion on which Incremerit Value Duty is to be collected under this Act (g). With this exception, however, on any transfer on sale of the fee simple of any land or of any interest in land, Increment Value Duty is to be assessed by the Commissioners of Inland Revenue (h) and paid by the transferor (i); and it is the duty of the transferor to present to the Commissioners, in accordance with regulations made by them, the instrument by means of which the transfer is effected or agreed to be effected, or reasonable particulars thereof for the purpose of the assessment of duty thereon (k). And any such instrument is not to be deemed duly stamped unless it is stamped either (1) with a stamp denoting that the Increment Value Duty has been assessed and paid, or (2) a stamp denoting that the necessary particulars have been delivered to the Commissioners and security given, where required, for payment of the duty, or (3) with a stamp denoting that no Increment Value Duty was payable on the occasion: but where an instrument is so stamped, it is, notwithstanding any objection relating to the Increment Value Duty, to be deemed to be duly stamped as respects that duty (l). Where any agreement for a transfer is so stamped, it is not necessary to stamp any conveyance or assignment made subsequently and in conformity with the agreement, but the Commissioners are required, on application made to them for the purpose, to denote on the conveyance or assignment the amount of duty paid (m). If an agreement for a transfer is intended to be followed shortly by an actual conveyance, the Commissioners will not require the agreement, or particulars thereof, to be presented under the Regulations, but will accept the presentation in due course of the actual conveyance, or particulars thereof, as a compliance with the provisions of the Act (n).