REVISED EDITION OF 1986 OF STAMP DUTY ORDINANCE

REVISED EDITION OF 1986 OF STAMP DUTY ORDINANCE

LAWS OF HONG KONG

STAMP DUTY ORDINANCE

CHAPTER 117





CHAPTER 117

STAMP DUTY ORDINANCE

ARRANGEMENT OF SECTIONS

Section ..................................Page

PART 1

PRELIMINARY

1. Short title................................ ... ... ... ... ... ... ... ... 4

2. Interpretation..................... ... ... ... ... ... ... ... ... ... 4

3..............................Collector of Stamp Revenue and assistant collectors ... ... ... ... ... 7

PART 11

CHARGING AND STAMPING OF INSTRUMENTS

4................................Charging of, liability for, and recovery of stamp duty ... ... ... ... 7

5. Methods of stamping and denoting .......... ... ... ... ... ... ... 9

6. Cancellation of adhesive stamps ........... ... ... ... ... ... ... ... 10
7. Licensing and use of franking machines . ... ... ... ... ... ... ... 10

8. Duplicates and counterparts ............... ... ... ... ... ... ... ... 11

9. Late stamping .......................... ... ... ... ... ... ... ... 11

10...............................How instruments to be written, charged and stamped ... ... ... ... 12
11...............................Facts and circumstances affecting stamp duty to be set forth ... ... ... 12

12........................Power to call for abstract and evidence ... ... ... ... ... ... ... 12
13........................Adjudication of stamp duty by Collector ... ... ... ... ... ... ... 12

14..................Appeal against assessment ... ... ... ... ... ... ... ... ... ... 15

15. Non-admissibility etc. of instruments not duly stamped ... ... ... ... ... 15

16........................Provisions relating to certain leases etc. ... ... ... ... ... ... ... 16

17. Instrument increasing rent to be chargeable as a lease ... ... ... ... ... 16
18. Calculation of stamp duty as regards foreign currency ... ... ... ... ... 16

PART 111

ANCILLARY PROVISIONS RELATING TO PART 11

19. Contract notes in respect of sale and purchase of Hong Kong stock ... ... 17

19A. Refund of stamp duty in respect of sale and purchase of units under unit trust

schemes ................................. ... ... ... ... ... ... ... 19

20. Stamp duty payable where transaction in respect of Hong Kong stock does not

amount to jobbing business .............. ... ... ... ... ... ... ... 19

21......................................Passing on of dividends or interest on Hong Kong stock prohibited ... 20

22. Stamp duty chargeable where consideration in respect of immovable property







consists of stock or security other than stock ... ... ... ... ... ... 21

23......................................How consideration consisting of periodical payments to be charged ... 21

24. Stamp duty chargeable where conveyance etc. is in consideration of debt etc. 21

25...............................Stamp duty chargeable in case of certain conveyances ... ... ... ... 22

26. Stamp duty chargeable on contracts etc. for sale of equitable estate or interest in

immovable property ........................ ... ... ... ... ... ... 23
27. Voluntary dispositions .................... ... ... ... ... ... ... ... 24

28. Stamp duty chargeable in case of conveyance or transfer in contemplation of sale

or subject to power of revocation etc. ... ... ... ... ... ... ... 25

29. Certificate with respect to certain conveyances on sale ... ... ... ... ... 26





Section...................................... Page
PART IV
UNIT TRUSTS

30. Commencement and interpretation of Part IV ... ... 26

31. Duty of trustees and managers to keep records ... ... ... ... ... ... 27

32. Numbering and preservation of certificates and instruments of transfer ... 28

33. Register of holders of registered units ... ... ... ... ... ... ... ... 28

34. Register of certificates to bearer ..... ... ... ... ... ... ... ... ... 29

35. Form and period of preservation of records... ... ... ... ... ... ... 29
36. Restriction on registration of transfer of units ... ... ... ... ... ... ... 29

37. Penalty ................................ ... ... ... ... ... ... 29

PART V

EXEMPTION AND RELIEF

38. Interpretation of Part V .................. ... ... ... ... ... ... ... 30

39. Instruments generally exempted ......... ... ... ... ... ... ... ... 30
40. Instruments specially exempted ......... ... ... ... ... ... ... ... 31

41. Non-liability of Government or public officer for payment of stamp duty ... 31

42. Relief in case of certain leases etc. to Government ... ... ... ... ... 31
43. Relief in case of certain leases etc. of consular premises ... ... ... ... 31

44. Relief in case of gift to exempted institution ... ... ... ... ... ... 32

45. Relief in case of conveyance from one associated body corporate to another 33
46. Instruments affecting immovable property made for new Crown lease or exchange

to be exempt ............................ ... ... ... ... ... ... ... 34

47. Instruments confirmatory of transactions during Japanese occupation to be

exempt .................................. ... ... ... ... 34

PART VI

ALLOWANCE FOR SPOILED OR UNWANTED STAMPS

48. Allowance for spoiled stamps .............. ... ... ... ... ... ... ... 35

49. Allowance for misused stamps . 1 . ..... ... ... ... ... ... 36
50. Allowance for unwanted adhesive stamps .... ... ... ... ... ... ... 36

51. Manner of making, and time for taking up, allowance ... ... ... ... 36

PART VII

MISCELLANEOUS

52. Remission of stamp duty ................... ... ... ... ... ... ... ... 36

53. Liability for offences by bodies corporate ... ... ... ... ... ... ... 37

54. Inspection of books of account etc...... ... ... ... 37







55. Falsification .......... .................. ... ... ... 38
56. Offences relating to stamps 1 38

57. Power of magistrate in relation to stolen stamps ... ... ... ... ... ... 39





Section Page
58. Defacement of adhesive stamps ... ... ... ... ... ... ... ... ... ... 39
59. Fraudulent practices ... ... ... ... ... ... ... ... ... ... ... ... ... 39
60. Punishment for offences ... ... ... ... ... ... ... ... ... ... ... ... 39
61. Limitation of time for proceedings in respect of offences ... ... ... ... ... 39
62. Responsibility for loss of or damage to instrument ... ... ... ... ... ... 39
63. Regulations ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 40
64-65. [Have had effect] ... ... ... ... ... ... ... ... ... ... ... ... ... 40
66. Transitional ... ... ... ... ... ... ... ... ... ... ... ... ... ... 40

First Schedule ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 41
Second Schedule ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 45
Third Schedule ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 46





CHAPTER 117
STAMP DUTY
Originally To consolidate and amend the law relating to stamp duty.
31 of 1981.
77 of 1981.
L.N. 422181.
29 of 1984.
43 of 1984.
61 of 1984.
18 of 1985.
L.N. 180185
39 of 1985.
44 of 985.
21 Of 1986
L.N. 190186.
L.N. 173181. [1 July 1981.1

PART 1

PRELIMINARY

Short title. 1. This Ordinance may be cited as the Stamp Duty Ordinance.
Interpretation. 2. (1) In this Ordinance, unless the context otherwise
requires-
'adhesive stamp' has the meaning assigned to it by section 5(3);
,,assessment' means an assessment made by the Collector under
section 13 as to the amount of stamp duty chargeable on an
instrument, and 'assessed' has the corresponding meaning;
'bearer instrument' means any instrument to bearer by delivery of
which any stock can be transferred, but does not include an
instrument relating to stock which consists of a loan expressed
in terms other than in the currency of Hong Kong except to the
extent that the loan is repayable, or may at the option of any
person be repaid, in the currency of Hong Kong; (Amended,
77 of 1981, s. 2)
'broker' means a person who is a member of a recognized stock
exchange;
'chargeable' means chargeable under this Ordinance;
'Collector' means the Collector of Stamp Revenue appointed under
section 3;
'contract note' means a contract note required to be made and
executed under section 19(1);
'conveyance' means every instrument (including a surrender) and
every decree or order of any court whereby any immovable
property is transferred to or vested in any person;
'conveyance on sale' means every conveyance whereby any immov-
able property, upon the sale thereof, is transferred to or vested
in a purchaser or any other person on his behalf or by his
direction, and includes a foreclosure order;





'duly stamped in relation to an instrument, means duly stamped under
this Ordinance in respect of the stamp duty chargeable on such
instrument;

'executed' and 'execution', in relation to an instrument not under seal,
mean signed and signature respectively;

'foreclosure order' means every order or decree for, or having the effect
of an order for, foreclosure;

'Hong Kong bearer instrument means a bearer instrument issued

I

(a) in Hong Kong; or

(b)elsewhere by or on behalf of a body corporate formed, or an
unincorporated body of persons established, in Hong Kong;

'Hong Kong stock- means stock the transfer of which is required to be
registered in Hong Kong;

'instrument' includes every written document;

instrument of transfer' means an instrument by means of which any
Hong Kong stock is transferred, and includes a letter of
renunciation;

'Japanese House Registration Office means the office in which during
the Japanese occupation of Hong Kong were kept the registers or
records of houses and buildings and documents relating thereto;

'jobbing business' means any business carried on by a broker which is
specified as jobbing business by regulations made under section
63;

'lease' does not include mortgage by demise;

loan capital' means any debenture, debenture stock, corporation stock
or funded debt (by whatever name known) issued by any body,
whether corporate or unincorporate, or any capital raised by any
such body, being capital which is borrowed or has the character of
borrowed money, but does not include any such investment which

(a)carries a right of conversion into stock or to the acquisition of
any stock; or

(b)carries or has carried a right to interest the amount of which

(i) exceeds a reasonable commercial return on the nominal
amount of the capital; or

(ii) falls or has fallen to be determined to any extent by
reference to the results of, or of any part of, a business or to
the value of any property; or





(e)carries a right on repayment to an amount which exceeds the
nominal amount of the capital and is not reasonably
comparable with what is generally repayable in respect of a
similar nominal amount of capital under the terms of issue of
loan capital listed on a recognized stock exchange; (Amended,
77 of 1981, s. 2)

'recognized stock exchange' means a stock exchange approved or
deemed to have been approved under section 25 of the Securities
Ordinance;

',stamp' means any of the following

(a) an adhesive stamp;

(b)a stamp (other than an adhesive stamp) used or intended for
use for denoting the payment or remission of stamp duty, or
the payment or remission of any penalty, or the payment of an
adjudication fee, payable under this Ordinance or the fact that
any instrument is not chargeable with stamp duty or is duly
stamped;

(e)any mark made or indication given by a stamp referred to in
paragraph (b);

'Stamp duty' means stamp duty chargeable under this Ordinance;

',stamped' means stamped by means of a stamp under this Ordinance;

'stock' means any of the following investments

(a)any shares, stocks, debentures, loan stocks, funds, bonds or
notes of or issued by any body, whether corporate or
unincorporate, or any government or local government
authority, or any other similar investment of any description;

(b) any units under a unit trust scheme;

(e)any rights in or in relation to any stock referred to in paragraph
(a) or (b) which is held by a depositary under a scheme
providing for the deposit of stock with such depositary and the
creation and acquisition of such rights;

(d)any right to subscribe for or to be allotted any stock referred to
in paragraph (a), (b) or (c), other than any such right under an
employees' share purchase or share option scheme,

but, except for the purposes of section 22, does not include any
loan capital which is not funded debt or of such a description as to
be capable of being listed on a recognized stock exchange, or any
bill of exchange or promissory note, or any certificate of deposit
within the meaning of section 2 of the Inland Revenue Ordinances
or any debentures, loan stocks, funds, bonds or notes
demonstrated otherwise than in the currency of Hong Kong except
to the extent that the same shall be redeemable, or may at the option
of any person be redeemed, in the currency

ofHongKong;(Amended, 77of 1981,s. 2and29of 1984, s.2)





'time for stamping', in relation to an instrument, has the meaning
assigned to it by section 4(2);

unit and 'unit trust scheme' have the meanings assigned thereto
respectively by section 30.

(2) Where it is provided in any other Ordinance that stamp duty
shall not be payable in respect of any instrument, such instrument shall
not be chargeable with stamp duty under this Ordinance.

(3) Where it is provided in this Ordinance that an instrument shall
not be duly stamped unless any condition specified in that provision is
fulfilled, the fulfilment of that condition shall not affect the application
to that instrument of any other such provision of this Ordinance
whereby any other condition is required to be fulfilled in respect of that
instrument.

(4) Until Part IV comes into operation, the definition of ',stock' in
subsection (1) shall be construed as if paragraph (b) and references
thereto in that definition were omitted.

3. (1) There shall be a Collector of Stamp Revenue who shall be
appointed by the Governor, and such number of assistant collectors as
the Governor may appoint for the purposes of this Ordinance.

(2) The office of the Collector shall be at such place as the Collector
may determine.

(3) A reference in any provision in this Ordinance to the Collector
shall, in relation to the exercise of any function conferred by that
provision on the Collector, include a reference to any assistant collector
who is for the time being authorized in writing by the Collector to
exercise such function.

(4) Any person appointed under section 2 of the Stamp Ordinance
as Collector of Stamp Revenue or assistant collector and holding such
office immediately before the commencement of this Ordinance shall be
deemed to be appointed under this section as Collector of Stamp
Revenue or assistant collector, as the case may be.

PART II

CHARGING AND STAMPING OF
INSTRUMENTS

4. (1) Subject to this Ordinance, every instrument, wherever
executed, specified in the First Schedule shall be chargeable with the
stamp duty specified in respect thereof in that Schedule, and the
headings, notes and explanations in that Schedule shall have effect
accordingly.





(2) Subject to this Ordinance, the time for stamping any instrument
shall be the point of time or, as the case may be, the period of time
specified in respect thereof in the First Schedule; and where it is
provided in that Schedule that the point of time for stamping any
instrument is to be before execution, such provision shall not be
construed as prohibiting the stamping of such instrument after
execution.

(3) If any instrument chargeable with stamp duty is not duly
stamped, the person or persons respectively specified in section 13(10),
19 or 20 or the First Schedule as being liable for stamping such
instrument, and any person who uses such instrument, shall be liable, or
jointly and severally liable, as the case may be, civilly to the Collector
for the payment of the stamp duty and any penalty payable under
section 9, and may be proceeded against without reference to any civil
liability of such persons inter se for the payment thereof.

(4) If a contract note is not made and executed as required by
section 19(1), the person specified in the First Schedule as being liable
for stamping such note shall be liable civilly to the Collector for the
payment of the stamp duty chargeable thereon and any penalty payable
under section 9.

(5) No action shall be brought by virtue of subsection (3) or (4) for
the recovery of any stamp duty with respect to any instrument more
than 6 years from the expiration of the time for stamping such
instrument.

(6) Notwithstanding anything in this section, the Collector may
agree to accept payment of any stamp duty or penalty by instalments.

(7) The prescribed particulars required by section 45(2) of the
Companies Ordinance to be delivered to the Registrar of Companies for
registration in respect of any contract mentioned in subsection (1)(b) of
that section which is not reduced to writing shall be chargeable with the
same stamp duty as would have been payable if the contract had been
reduced to writing, and subsections (2), (3), (5) and (6) of this section
shall apply to the prescribed particulars as they apply to any such
contract in writing.

(8) Where, after the commencement of this Ordinance, any
immovable property or Hong Kong stock is transferred to or vested in
any person by virtue of any Ordinance, whether commencing before or
after this Ordinance, such person shall within 30 days after the
commencement of the Ordinance or the date of vesting, whichever is the
later, cause an authentic copy of the Ordinance (including any
subsidiary legislation giving effect to the vesting) to be stamped with
the stamp duty chargeable on a conveyance or transfer of immovable
property or Hong Kong stock as the case may be; and such person
shall, for the purposes of subsection (3), be the person liable for
stamping with respect to such copy.





5. (1) Subject to this section and section 9, every instrument
chargeable with stamp duty shall be presented to the Collector for
stamping and, upon payment of the stamp duty, he shall stamp such
instrument or cause it to be stamped- (Amended, 77 of 1981, s. 3)

(a)by means of a franking machine with the amount of stamp
duty paid and the date of stamping; or

(b)by means of a stamp approved by the Collector with the words
'Stamp Office Hong Kong' and the date of stamping,

and, in the case of an instrument stamped under paragraph (b), the
Collector shall at the same time record on the instrument, as close as
possible to the date so stamped, the amount of stamp duty paid
together with his signature.

(2) Any instrument chargeable with stamp duty under head 2(1) in
the First Schedule may be stamped by means of an adhesive stamp by
any person authorized in that behalf by the Collector who purchases
such stamp at the office of the Collector.

(3) Adhesive stamps used for the purposes of subsection (2) shall
be of such kinds and in such denominations as the Collector may
determine.

(4) Subject to section 7, any instrument chargeable with stamp duty
under head 2(4) in the First Schedule may be stamped by means of a
franking machine by any person to whom a licence in respect of such
machine is issued under that section.

(5) In respect of any Hong Kong bearer instrument, the following
shall apply

(a)such instrument shall, before being issued, be produced to the
Collector together with such particulars in writing in respect of
the instrument as the Collector may require, and such
instrument shall be duly stamped if it is stamped with a
particular stamp approved by the Collector denoting that it
has been so produced; and

(b)within 2 months of the date on which such instrument is
issued, or such longer time as the Collector may allow, a
statement in writing containing the date of issue and such
further particulars as the Collector may require in respect of
such instrument shall be delivered to the Collector, and the
stamp duty chargeable on such instrument shall be paid to the
Collector on delivery of that statement or within such longer
time as the Collector may allow,

and if default is made in complying with paragraph (a) or (b) in respect
of such instrument, or if any particulars so produced or delivered in
respect of such instrument are false in any material respect, the person
or persons respectively specified in head 3 in the





First Schedule as being liable for stamping such instrument shall
incur a penalty of 10 times the amount of the stamp duty chargeable
on such instrument which shall be recoverable by the Collector as a
civil debt due to the Crown.

(6) Where the stamp duty chargeable on an instrument de-
pends in any manner upon the stamp duty paid in respect of another
instrument, the payment of the last-mentioned stamp duty shall,-
upon application to the Collector and production of both the
instruments, be denoted upon the first-mentioned instrument in
such manner as the Collector thinks fit.

6. (1) Every adhesive stamp used to denote the payment of
stamp duty under section 5(2) shall be cancelled forthwith by the
person affixing it in such manner as to render it incapable of being
used again for any revenue purpose.

(2) An instrument stamped by means of an adhesive stamp
shall not be duly stamped unless the adhesive stamp is cancelled as
required by subsection (1).

7. (1) The Collector may issue a licence to any person in the
form in Part 1 of the Second Schedule authorizing such person to use
a franking machine for the purpose of stamping any instrument
under section 5(4).

(2) No person shall use a franking machine for the purpose of
stamping any instrument under section 5(4)-

(a) without a licence; or

(b)otherwise than in accordance with the conditions set out in
Part 1 of the Second Schedule or such additional or other
conditions as the Collector may impose in respect of such
licence; or

(c)unless at the time it stamps such instrument the machine
stamps the date of stamping thereon.

(3) The general provisions in Part 2 of the Second Schedule
shall have effect in relation to every licence and licensed franking
machine.

(4) No person other than the Collector or an authorized officer
shall break or in any way interfere with any seal affixed to a licensed
franking machine for the purposes of this section by the Collector or
an authorized officer.

(5) The Collector may cancel a licence at any time if there are
reasonable grounds for believing that-

(a)any person has used the licensed franking machine in
contravention of subsection (2)(b) or (c) or has broken or
interfered with any seal affixed thereto in contravention of
subsection (4); or





(b)the licensed franking machine is capable of making an
imperfect stamp; or

(c)the licensed franking machine has not been used for a period
of not less than 6 months.

(6) Any person who contravenes subsection (2) or (4) commits an
offence.

(7) Whenever in any prosecution for an offence against subsection
(2) it is proved that the accused had in his possession a franking
machine, it shall be presumed unless the contrary is proved that such
machine was used for the purpose of stamping an instrument under
section 5(4).

(8) Any franking machine in respect of which an offence is
committed against subsection (2) shall, upon application by the
Collector to a magistrate, be forfeited whether or not any person is
convicted in respect of such offence.

(9) In this section-

,,authorized officer' means a public officer authorized in writing by the
Collector for the purposes of this section;

'licence' means a licence issued by the Collector under subsection (1),
and 'licensed' shall be construed accordingly.

8. The duplicate or counterpart of an instrument chargeable with
stamp duty shall not be duly stamped unless it is stamped as an original
instrument or there is denoted thereon payment of the stamp duty paid
in respect of the original instrument of which it is the duplicate or
counterpart.

9. (1) Except in the case of an instrument to which section 5(5) or
13(7)(a) applies, any instrument chargeable with stamp duty which is not
stamped before or within the time for stamping such instrument shall not
be stamped except by the Collector upon payment of the stamp duty
and a penalty of whichever of the following amounts applies-
(Amended, 77 of 1981, s. 4)

(a)if the instrument is so stamped not later than 1 month after the
time for stamping, the penalty shall be double the amount of
the stamp duty;

(b)if the instrument is so stamped latar than 1 month but not later
than 2 months after the time for stamping, the penalty shall be
4 times the amount of the stamp duty;

(c)in any other case, the penalty shall be 10 times the amount of
the stamp duty.

(2) The Collector may remit the whole or any part of any penalty
payable under subsection (1).





(3) The payment or remission of a penalty payable under this
section in respect of any instrument may be denoted thereon by the
Collector in such manner as he thinks fit.

10. (1) Every instrument chargeable with stamp duty shall be
so written that the stamp may appear on the face of the instrument
and cannot be used for or applied to any other instrument.

(2) Every instrument chargeable with stamp duty containing
or relating to several distinct matters shall be separately and
distinctly charged, as if it were a separate instrument, with stamp
duty in respect of each of the matters.

(3) Every instrument chargeable with stamp duty shall be
separately and distinctly stamped with the stamp duty chargeable
thereon.

(4) Subject to section 16(1), an instrument made for any
consideration by reference to which it is chargeable with stamp duty,
and also for any further or other valuable consideration or consider-
ations, shall be separately and distinctly charged, as if it were a
separate instrument, with stamp duty in respect of each of the
considerations.

11. (1) All the facts and circumstances affecting the liability
of any instrument to stamp duty, or the amount of the stamp duty
chargeable on an instrument, are to be fully and truly set forth in the
instrument.

(2) Any person who with intent to defraud the Government-

(a)executes any instrument in which all the said facts and
circumstances are not fully and truly set forth; or

(b)being employed or concerned in or about the preparation
of any instrument, neglects or omits fully and truly to set
forth therein all the said facts and circumstances,

commits an offence.

(3) The Collector may, before the commencement of criminal
proceedings, compound any offence against subsection (2).

12. Whenever any instrument is presented to the Collector for
stamping, the Collector may require to be furnished with an abstract
of the instrument and also with such evidence as he may deem
necessary in order to show to his satisfaction whether all the facts
and circumstances affecting the liability of the instrument to stamp
duty, or the amount of the stamp duty chargeable thereon, are fully
and truly set forth therein.

13. (1) In respect of any executed instrument, the Collector
may, and shall if he is required by any person upon payment of an
adjudication fee of $20 to do so, express his opinion with reference
to such instrument upon the following questions-





(a) whether it is chargeable with any stamp duty;

(b) what amount of stamp duty is chargeable thereon.

(2) Any instrument in respect of which the adjudication fee is
paid under subsection (1) shall be stamped with a stamp approved
by the Collector denoting the payment thereof.

(3) If the Collector is of opinion that the instrument-

(a)is not chargeable with stamp duty, it may, subject to
subsection (4), be stamped with a stamp approved by the
Collector denoting that it is not chargeable with stamp
duty;

(b)is chargeable with stamp duty, he shall assess the stamp
duty payable, and, subject to subsection (7), where the
instrument is stamped under section 5 with a stamp de-
noting payment of the stamp duty so assessed it may
also be stamped with a stamp approved by the Collector
denoting that it is duly stamped.

(4) Subject to this section, an instrument upon which the
stamp duty has been assessed by the Collector shall not, if it is not
stamped or is insufficiently stamped, be stamped otherwise than in
accordance with the assessment; and in the case of any instrument
which in the opinion of the Collector is not chargeable with stamp
duty, such instrument shall not be stamped under subsection (3)(a)
unless it is stamped under subsection (2) with the stamp denoting
payment of the adjudication fee or section 40 applies.

(5) Section 12 shall apply in relation to an instrument in
respect of which the Collector intends or is required to express his
opinion under subsection (1) as it applies to an instrument presented
to him for stamping, and where the Collector requires a statutory
declaration to be made for the purposes of this section-

(a)such declaration shall not be used against the person
making it in any proceeding whatever except in an inquiry
as to the stamp duty with which the instrument to which it
relates is chargeable; and

(b)unless such declaration is shown not to be true in any
material respect, the person by whom it is made shall, on
payment of the stamp duty chargeable upon the instru-
ment, be relieved from any punishment to which he may be
liable under section 11.

(6) Every instrument stamped under this section with a stamp
denoting that it is not chargeable with stamp duty or that it is duly
stamped shall be admissible in evidence and available for all
purposes notwithstanding any objection relating to stamp duty.

(7) Where in respect of any instrument which is not stamped
the Collector is required by any person under this section before or





within the time for stamping such instrument to express his opinion
under subsection (1) and such instrument is in the opinion of the
Collector chargeable with stamp duty, the instrument-

(a)may be stamped upon payment of the stamp duty if the
stamp duty is paid not later than the time for stamping
such instrument or the expiration of a period of 1 month
from the date on which the assessment of the stamp duty is
made, whichever is the later; or

(b)if the stamp duty is not so paid, may be so stamped
thereafter upon payment of the stamp duty and a penalty
calculated under section 9 and, for that purpose, section 9
shall apply in relation to the stamping of such instrument
as it applies in relation to the stamping of an instrument
chargeable with stamp duty which is not stamped before or
within the time for stamping such instrument.

(8) Where notice of an assessment of the stamp duty charge-
able on any instrument is, within 7 days from the date on which the
assessment is made, served by registered post on any person who
required the Collector to express his opinion with reference thereto
under subsection (1) or who is liable for stamping such instrument,
such assessment shall, after the expiration of a period of 1 month
from that date, be final and conclusive for all purposes as against
such person except if and to the extent that an appeal made against it
under section 14 succeeds.

(9) If, within a period of 1 month from the date on which an
assessment is made of the stamp duty chargeable on any instrument,
it appears to the Collector that the amount of the stamp duty so
assessed is excessive, he may cancel such assessment and make such
other assessment in substitution therefor as he may deem proper;
and any reference in this Ordinance to an assessment shall be con-
strued as including a reference to an assessment as so substituted.

(10) Where the payment of stamp duty is denoted on any
instrument chargeable with stamp duty in respect of which the
Collector expresses or is required to express his opinion under
subsection (1) and the amount of the payment so denoted is less than
the amount assessed by the Collector, then, without prejudice to the
liability of any person for the payment of the difference between
the amount of the stamp duty so denoted and the assessment, the
instrument shall be chargeable, unless it is stamped in respect of
the difference not later than 1 month from the date on which the
assessment is made, with additional stamp duty of an amount equal
to interest on the amount of the difference at the rate of 4 cents per
$100 or part thereof per day in respect of the period beginning on the
expiration of a period of 1 month from that date and ending on the
date of the payment of such additional stamp duty; and the person
or persons liable for stamping such instrument in respect of the
stamp duty so assessed shall be the person or persons liable for
stamping it in respect of such additional stamp duty.





(11) The Collector may remit, wholly or in part, any additional stamp
duty payable under subsection (10).

14. (1) Any person who is dissatisfied with the assessment of the
Collector under section 13 may, within a period of 1 month from the date
on which the assessment is made and on payment of the stamp duty in
conformity therewith, appeal against the assessment to the court and
may for that purpose require the Collector to state and sign a case
setting forth the question upon which his opinion was required and the
assessment made by him.

(2) The Collector shall thereupon state and sign a case and deliver
the same to the person by whom it is required and the case may, within 7
days thereafter and after service thereof upon the Attorney General, be
set down by such person for hearing.

(3) Upon the hearing of the case the court shall determine the
question submitted, and, if the instrument in question is in the opinion
of the court chargeable with any stamp duty, the court shall assess the
stamp duty chargeable thereon.

(4) If the amount of the stamp duty assessed by the court is less
than the assessment of the Collector, the excess of stamp duty paid
shall be ordered by the court to be repaid together with any excess of
penalty paid under section 9 in respect thereof.

(5) If in the opinion of the court the assessment of the Collector is
not excessive, the court shall make an order confirming that assessment.

(5A) The court may appoint a member of the Lands Tribunal to sit
and assist it in any proceedings or part of any proceedings under this
section; but the decision in the appeal shall be the decision of the court
alone. (Added, 43 of 1984, s. 2)

(6) In this section 'court' means District Court.

15. (1) No instrument chargeable with stamp duty shall be received
in evidence in any proceedings whatsoever except-

(a) criminal proceedings;

(b)civil proceedings by the Collector to recover stamp duty or
any penalty payable under this Ordinance,

or be available for any other purpose whatsoever, unless such
instrument is duly stamped:

Provided that an instrument which is not duly stamped may be
received in evidence in civil proceedings before a court if the court so
orders upon the personal undertaking of a solicitor to cause

(i)such instrument to be stamped in respect of the stamp duty
chargeable thereon; and

(ii)any penalty payable under section 9 in respect thereof to be
paid.

(2) Subject to subsection (3), no instrument chargeable with stamp
duty shall be acted upon, filed or registered by any public officer or
body corporate unless such instrument is duly stamped;





and any such public officer who or body corporate which fails to
comply with this subsection shall incur a penalty of $1,000 which shall
be recoverable by the Collector as a civil debt due to the Crown.

(3) Subsection (2) shall not apply in relation to the registration of
any instrument under the Land Registration Ordinance if such
instrument is stamped under section 5(1) or 13(2), but such registration
shall not affect the question whether such instrument is duly stamped.

(4) If a public officer is empowered or required by law to act upon,
file or register a duplicate or copy of any instrument, and if the original
of such instrument would require to be duly stamped if acted upon, filed
or registered by such public officer, it shall be lawful for such public
officer to call for the production of the original instrument, or for
evidence to his satisfaction that it is duly stamped, and no public officer
shall act upon, file or register any such duplicate or copy without
production of the original instrument duly stamped or of evidence as
aforesaid..

16. (1) A lease or agreement for a lease shall not be charged with
stamp duty in respect of any penal rent, or increased rent in the nature
of a penal rent, thereby reserved or agreed to be reserved or made
payable, or by reason of being made in consideration of the surrender or
abandonment of any existing lease of or agreement relating to the same
subject matter.

(2) An agreement for a lease shall be chargeable with stamp duty as
a lease made for the term and consideration mentioned in the agreement.

17. An instrument whereby the rent reserved by any other
to instrument chargeable with stamp duty and duly stamped as a lease
as is increased shall be chargeable with stamp duty as if it were a lease
but in respect only of the additional rent thereby made payable, but
this section shall not apply to an instrument made solely for the
purpose of giving notice of any such increase in compliance with any
Ordinance.

18. (1) Where stamp duty falls to be calculated in respect of any
instrument by reference to a sum of money expressed in a currency other
than Hong Kong dollars, there shall, for the purpose of such calculation,
be substituted for that sum of money its equivalent expressed in Hong
Kong dollars at the rate of exchange prevailing on the date of the
instrument.

(2) For the purposes of this section 'rate of exchange', in relation
to any instrument referred to in subsection (1), means the buying rate
for the currency in question, as determined by the Secretary for
Monetary Affairs, for telegraphic transfers at the commencement of
business on the date of the instrument or, if that date is a Sunday or a
general holiday, on the business day immediately preceding that date.





PART III

ANCILLARY PROVISIONS RELATING TO PART
11

19. (1) Subject to this section, any person who effects any sale or
purchase of Hong Kong stock as principal or agent shall(Amended, 77
of 1981, s. 5)

(a) forthwith make and execute a contract note;

(b) cause the note to be stamped-

(i) in the case of a sale or purchase effected in Hong Kong,
not later than 2 days thereafter;

(ii) in any other case, not later than 30 days thereafter;

(c)if he is the agent, transmit the note duly stamped to his
principal;

(d)cause an endorsement to be made on the instrument of
transfer of such Hong Kong stock to the effect that stamp
duty has been paid on the contract note under head 2(1) or (2)
in the First Schedule.

(IA) Subsection (1) shall not apply to a sale or purchase of a unit
under a unit trust scheme

(a)where the sale or purchase is effected by extinguishing such
unit; or

(b)where the sale or purchase of the unit is effected by the
managers under the unit trust scheme and their power to
effect such sale or purchase arises

(i) from the transfer to them of that or some other unit
within the immediately preceding 2 months; or

(ii) otherwise than from a previous transfer to them of that
or some other unit. (Added, 77 of 1981, s. 5)

(2) A contract note required to be made under subsection (1) shall
state the following

(a)whether the person effecting the sale or purchase of the Hong
Kong stock is acting as principal or agent and, if as agent, the
name of his principal;

(b)the date of the transaction and of the making of the contract
note;

(c) the quantity and description of such Hong Kong stock;

(d)the price per unit of such Hong Kong stock and the amount of
the consideration or, in the case of an exchange, particulars of
the property for which such Hong Kong stock is exchanged;
and

(e) the date of settlement.





(3) No agent or other person shall have any legal claim to any
charge for brokerage, commission or agency with reference to the sale or
purchase of any Hong Kong stock if he fails to comply with the
provisions of this section.

(4) The stamp duty paid in respect of a contract note may be added
to any charge for brokerage or agency and shall be recoverable as part
of such charge.

(5) Where a contract note relates to the sale or purchase of more
than one description of Hong Kong stock, the note shall be deemed to
be as many contract notes as there are descriptions of Hong Kong stock
sold or purchased.

(6) If in the case of a sale or purchase of any Hong Kong stock
effected by a person who is not resident in Hong Kong, the stamp duty
specified in head 2(1) in the First Schedule is not paid, there shall be
charged on the instrument of transfer, in addition to the stamp duty
otherwise chargeable thereon, stamp duty equal to the amount of the
stamp duty so payable in respect of such sale or purchase; and in
respect of stamp duty charged on an instrument of transfer under this
subsection, the transferee shall be the person liable for stamping such
instrument and the time for stamping it shall be 30 days after execution
thereof.

(7) Where any instrument of transfer is stamped under subsection
(6), the Collector shall endorse the instrument to that effect in such
manner as he may think fit.

(8) An instrument of transfer of any Hong Kong stock shall not be
duly stamped unless

(a)it is endorsed under subsection (1)(d) or (7) in respect of both
sale and purchase; or

(b)it is endorsed by the Collector in such manner as he may think
fit to the effect that

(i) stamp duty has been paid in respect thereof under head
2(3) in the First Schedule; or

(ii) no stamp duty is chargeable thereon under subsection
(6) or head 2(3) in the First Schedule.

(9) An endorsement under subsection (1) in respect of stamp duty
paid

(a)under head 2(1) in the First Schedule may be made by the
Collector or any person authorized by the Collector in that
behalf,

(b)under head 2(2) in the First Schedule shall be made by the
Collector,

in such manner as the Collector may think fit.





(10) Any person who makes an endorsement for the purposes of
subsection (1)(d) which is false in a material particular commits an
offence.

(10A) In relation to a sale or purchase of a unit under a unit trust
scheme other than a sale or purchase referred to in subsection (1A), the
obligations imposed by this section (other than subsection (1)(c) and
head 2(1) in the First Schedule on any person other than the managers
under the unit trust scheme shall be carried out by the managers in
addition to any obligation so imposed on them, and for that purpose
subsection (2)(a) shall not apply. (Added, 77 of 1981, s. 5)

(11) In this section

'allotment', in relation to units under a unit trust scheme, means the
issue of such units;

',sale or purchase' includes any disposal or acquisition (other than an
allotment) for valuable consideration, and exchange, and any
transaction in respect of which an instrument is deemed by virtue
of section 30(3), (4) or (5) to be a transfer by way of sale.

19A. (1) Where stamp duty is paid under head 2(1) in the First
Schedule in respect of a sale or purchase of a unit under a unit trust
scheme effected by the managers under such scheme, the stamp duty
shall be refunded to the managers upon application to the Collector
under subsection (2) if the managers and trustees under such scheme,
before the expiration of 2 months from the date on which the sale or
purchase is effected, jointly certify that

(a)the certificate, if any, in respect of the unit has been cancelled;

(b)as a consequence of the sale or purchase, a proportionate part
of the trust property has been realized, and the trust property
diminished accordingly; and

(c)the unit is extinguished and the managers have no power to
transfer any other unit in lieu thereof.

(2) On an application for a refund of stamp duty under this section,
the applicant shall produce to the Collector the contract notes in respect
of which the stamp duty was paid and the joint certificate of the
managers and trustees referred to in subsection (1).

(3) In this section 'trust property' has the meaning assigned to it
by section 30.

(Added, 77of 1981,s.6)

20. Where a contract note is stamped under head 2(2) in the First
Schedule but the whole or any part of the transaction to which it relates
is shown thereafter not to amount to jobbing business, there shall be
payable by the broker effecting the sale or purchase to which the
contract note relates by way of stamp duty on demand in respect of a
note to be issued by the Collector





(a)an amount equal to the stamp duty which would have
been payable if the contract note had been stamped under
head 2(1) in the First Schedule; and

(b)an amount equal to interest on the amount referred to in
paragraph (a) at the rate of 3 cents per $100 per day in
respect of the period from the date of the purchase or sale
to the date of payment of that amount:

Provided that where the amount referred to in paragraph (a)
includes a fraction of 5100 such fraction shall, for the purposes of
determining the amount referred to in paragraph (b), be reckoned as
$100.

21. (1) No person shall be entitled to claim, directly or
indirectly, the payment of any dividend or interest or of the amount
or value of any dividend or interest on any Hong Kong stock
unless-

(a)such person is the registered owner of the Hong Kong
stock at the time of such claim;

(b)such person was the registered owner of the Hong Kong
stock at some time subsequent to the date on which the
dividend was declared or the interest became due;

(c)such person is entitled to be paid such dividend or interest
under a declaration of trust in favour of a specified person
or otherwise as a beneficiary under a trust; or

(d)such person has lent money on the security of the Hong
Kong stock and is entitled by the terms of the loan to claim
such dividend or interest.

(2) No person shall demand or request or accept, directly or
indirectly, payment of any dividend or interest or of the amount or
value of any dividend or interest which under subsection (1) he is not
entitled to claim.

(3) No person shall, directly or indirectly, pay any dividend or
interest or the amount or value of any dividend or interest on any
Hong Kong stock to any other person unless-

(a)such other person is the registered owner of the Hong
Kong stock;

(b)such other person was the registered owner of the Hong
Kong stock at some time subsequent to the date on which
the dividend was declared or the interest became due;

(c)such other person is entitled to be paid such dividend or
interest under a declaration of trust in favour of a specified
person or otherwise as a beneficiary under a trust; or





(d)such other person has tent money on the security of the
Hong Kong stock and is entitled by the terms of the loan to
claim such dividend or interest.

22. (1) Where the consideration or any part of the consideration for
a conveyance on sale consists of any stock, the conveyance shall be
chargeable with stamp duty by reference to the value of the stock on the
date of the conveyance.

(2) Where the consideration or any part of the consideration for a
conveyance on sale consists of any security not being stock, the
conveyance shall be chargeable with stamp duty by reference to the
amount due on the date of the conveyance for principal and interest
upon the security.

23. (1) In the case of a conveyance on sale or a sale or purchase of
Hong Kong stock, where the consideration or any part of the
consideration consists of money payable periodically for a definite
period not exceeding 20 years so that the total amount to be paid can be
previously ascertained, the conveyance or contract note shall be
chargeable with stamp duty by reference to a consideration of such total
amount.

(2) In the case of a conveyance on sale or a sale or purchase of
Hong Kong stock, where the consideration or any part of the
consideration consists of money payable for a definite period exceeding
20 years or in perpetuity or for any indefinite period not terminable with
life, the conveyance or contract note shall be chargeable with stamp
duty by reference to a consideration of an amount equal to the total
amount which will or may, according to the terms of sale, be payable
during the period of 20 years after the date of the conveyance or
contract note.

(3) In the case of a conveyance on sale or a sale or purchase of
Hong Kong stock, where the consideration or any part of the
consideration consists of money payable periodically for a life or lives,
the conveyance or contract note shall be chargeable with stamp duty by
reference to a consideration equal to the amount which will or may,
according to the terms of sale, be payable during the period of 12 years
after the date of the conveyance or contract note.

24. (1) In the case of a conveyance on sale or any transaction
whereby a beneficial interest in Hong Kong stock passes, where the
conveyance or transaction is in consideration, wholly or in part, of any
debt due to the transferee or is subject either certainly or contingently
to the payment or transfer of any money or stock, whether or not being
or constituting a charge or incumbrance upon the property or interest so
conveyed or passing, the debt, money or stock is to be deemed the
whole or part, as the case may be, of the





consideration by reference to which the conveyance or contract note
is chargeable with stamp duty.

(2) Where a conveyance on sale or transaction whereby a
beneficial interest in any Hong Kong stock passes is in consideration
wholly or in part of any debt due to the transferee and, apart from
this subsection, the consideration by reference to which the convey-
ance or contract note would be chargeable with stamp duty would
exceed the value of the property conveyed or beneficial interest
passing, that consideration shall be treated as reduced to that value;
and the conveyance or contract note shall not be duly stamped
unless it is stamped under section 13(3).

(3) Where, by virtue of or in connexion with any transaction
referred to in subsection (1) whereby a beneficial interest in any
shares in a body corporate passes, any liability is incurred by the
transferee in respect of any indebtedness of the body corporate, the
transaction shall, in addition to any other payment of money or
transfer of shares to which it is subject, be deemed to be subject to
the payment of an amount of money equal to the amount of such
indebtedness.

25. (1) Where immovable property contracted to be sold for
one consideration for the whole is conveyed to the purchaser in
separate parts or parcels by different instruments, the consideration
shall be apportioned in such manner as the parties think fit, so
that a distinct consideration for each separate part or parcel is
set forth in the conveyance relating thereto, and such conveyance
shall be chargeable with stamp duty by reference to such distinct
consideration.

(2) Where immovable property contracted to be purchased for
one consideration for the whole by 2 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 con-
sideration, the conveyance of each separate part or parcel shall be
chargeable with stamp duty by reference to the distinct part of the
consideration therein specified.

(3) Where there are several instruments of conveyance for
completing the purchaser's title to immovable property sold, the
principal instrument of conveyance only shall be chargeable with
stamp duty and the other instruments shall not be chargeable with
stamp duty.

(4) Where a person having contracted for the purchase of any
immovable 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, the con-
veyance shall be chargeable with stamp duty by reference to the
consideration moving from the sub-purchaser.





(5) Where a person having contracted for the purchase of any
immovable 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 shall be chargeable with stamp duty by reference only to
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 stamp duty by reference to the consideration moving from him and
is duly stamped accordingly, any conveyance to be afterwards made to
him of the same immovable property by the original seller shall not be
chargeable with stamp duty.

(7) Where upon the exchange of any immovable property for any
other immovable property, or upon the partition of any immovable
property, any consideration is paid or given, or agreed to be paid or
given, for equality, the principal or only instrument whereby the
exchange or partition is effected shall, subject to section 27, be charged
with the same stamp duty as a conveyance on sale for the consideration,
and with that stamp duty only; and where in any such case there are
several instruments for completing the title of either party, the
instruments other than the principal instrument shall not be chargeable
with any stamp duty.

26. (1) Any contract or agreement for the sale of any equitable
estate or interest in any immovable property shall be chargeable with
stamp duty as if it were an actual conveyance on sale of the estate or
interest.

(2) Where stamp duty has been paid under subsection (1) and the
purchaser, before having obtained a conveyance of the property, enters
into a contract or agreement for the sale thereof, the contract or
agreement shall be charged, if the consideration for that sale is in excess
of the consideration for the original sale, with the stamp duty chargeable
by reference to such excess consideration, but shall not otherwise be
chargeable.

(3) Where stamp duty has been duly paid under subsection (1) or
(2), the conveyance made to the purchaser or sub-purchaser, or any
other person on his behalf or by his direction, shall not be chargeable
with any stamp duty, and the Collector shall, upon application and
production of the contract or agreement, or contracts or agreements,
duly stamped, denote upon the conveyance the payment of the stamp
duty.

(4) Where a conveyance made in conformity with a contract or
agreement referred to in subsection (1) or (2) which has not been
stamped is presented to the Collector for stamping within 6 months after
the execution of the contract or agreement or such longer period as the
Collector may think reasonable in the circumstances





of the case, the conveyance shall be stamped accordingly, and the
contract or agreement shall thereupon cease to be chargeable with any
stamp duty.

(5) Where any contract or agreement referred to in subsection (1)
or (2) is rescinded or annulled, any stamp duty paid in respect thereof
shall be returned by the Collector.

27. (1) Any conveyance of immovable property operating as a
voluntary disposition inter vivos shall be chargeable with stamp duty as
a conveyance on sale, with the substitution of the value of the property
conveyed for the amount or value of the consideration for the sale.

(2) In the case of an instrument of transfer operating as a voluntary
disposition inter vivos of Hong Kong stock, or an instrument referred to
in section 28(1) which so operates by virtue of that section, any stamp
duty paid in respect of contract notes made under section 19(1) in
respect of the amount or value of any consideration given by the
transferee for such Hong kong stock shall be set off against the stamp
duty chargeable on such instrument of transfer.

(3) A conveyance or transfer operating as a voluntary disposition
inter vivos shall not be duly stamped unless the Collector has stamped
the instrument of conveyance or transfer under section 13(3)(b).

(4) Any conveyance or transfer (not being a disposition made in
favour of a purchaser or incumbrancer or other person in good faith and
for valuable consideration) shall for the purposes of this Ordinance be
deemed to be a conveyance or transfer operating as a voluntary
disposition inter vivos, and (except where marriage is the consideration)
the consideration for any conveyance or transfer shall not for this
purpose be deemed to be valuable consideration where the Collector is
of opinion that by reason of the inadequacy of the sum paid as
consideration or other circumstances the conveyance or transfer confers
a substantial benefit on the person to whom the property is conveyed or
transferred.

(5) Nothing in this section shall apply to a conveyance or transfer
made for nominal consideration for the purpose of securing the
repayment of an advance or loan or made for effectuating the
appointment of a new trustee, whether the trust is expressed or implied,
or under which no beneficial interest passes in the property conveyed
or transferred, or made to a beneficiary by a trustee or other person in a
fiduciary capacity under any trust, whether expressed or implied, and
this subsection shall have effect notwithstanding that the
circumstances exempting the conveyance or transfer from charge under
this section are not set forth in the conveyance or transfer.

(6) In this section 'conveyance' includes any agreement for a
lease or any release or renunciation of immovable property.





28. (1) Subject to this section, any instrument whereby property is
conveyed or transferred to any person in contemplation of a sale of that
property shall be treated as a conveyance or transfer operating as a
voluntary disposition inter vivos of that property.

(2) If on a claim made to the Collector not later than 2 years after
the making or execution of an instrument to which subsection (1)
applies, it is shown to his satisfaction

(a)that the sale in contemplation of which the instrument was
made or executed has not taken place and the property has
been re-conveyed or re-transferred to the person from whom it
was conveyed or transferred or to a person to whom his rights
have been transmitted on death or bankruptcy; or

(b)that the sale has taken place for a consideration which is less
than the value by reference to which stamp duty was paid in
respect of the instrument by virtue of this section,

the Collector shall repay the stamp duty paid by virtue of this section, in
a case falling under paragraph (a), so far as it exceeds the stamp duty
which would have been payable apart from this section and, in a case
falling under paragraph (b), so far as it exceeds the stamp duty which
would have been payable if the instrument had been stamped in
accordance with subsection (1) in respect of a value equal to the
consideration in question:

Provided that, in a case falling under the said paragraph (b), stamp
duty shall not be repayable if it appears to the Collector that the
circumstances are such that a conveyance or transfer on the sale in
question would have been chargeable with stamp duty by virtue of
section 27(4).

(3) Subsections (1) and (2) shall apply whether or not an instrument
conveys or transfers other property in addition to the property in
contemplation of the sale of which it is made or executed, but those
subsections shall not affect the stamp duty chargeable in respect of that
other property.

(4) For the purposes of section 27 and this section, the value of
property conveyed or transferred by an instrument chargeable with
stamp duty in accordance with either of those provisions shall be
determined without regard to

(a)any power (whether or not contained in the instrument) on the
exercise of which the property, or any part of or any interest in
the property, may be re-vested in the person from whom it was
conveyed or transferred or in any person on his behalf,

(b)any annuity reserved out of the property or any part of it, or
any life or other interest so reserved, being an interest which
is subject to forfeiture,

but if on a claim made to the Collector not later than 2 years after the
making or execution of the instrument it is shown to his





satisfaction that any such power as is mentioned in paragraph (a) has
been exercised in relation to the property and the property or any
property representing it has been re-conveyed or re-transferred in whole
or in part in consequence of that exercise the Collector shall repay the
stamp duty paid by virtue of this subsection, in a case where the whole
of such property has been so re-conveyed or re-transferred, so far as it
exceeds the stamp duty which would have been payable apart from this
subsection and, in any other case, so far as it exceeds the stamp duty
which would have been payable if the instrument had operated to
convey or transfer only such property as is not so re-conveyed or re-
transferred.

29. (1) References in head 1(1) in the First Schedule to a
conveyance on sale being certified at a particular amount mean that
such conveyance on sale contains a statement certifying that the
transaction effected by the instrument does not form part of a larger
transaction or series of transactions in respect of which the amount or
value, or aggregate amount or value, of the consideration exceeds that
amount.

(2) In subsection (1) a reference to the amount or value of the
consideration shall be construed

(a)in relation to stamp duty chargeable on a conveyance
operating as a voluntary disposition inter vivos, as a
reference to the value of the property conveyed;

(b)in relation to stamp duty chargeable on a lease or agreement
for a lease, as a reference to the amount or value of the
consideration in money, stock or security, other than rent.

PART IV

UNIT TRUSTS

30. (1) This Part shall come into operation on a day to be appointed
by the Financial Secretary by notice in the Gazette.

(2) In this Part-

certificate to bearer', in relation to a unit under a unit trust scheme,
means a document by the delivery of which the unit can be
transferred;

'trust instrument in relation to a unit trust scheme, means the trust deed
or other instrument (whether under seal or not) creating or
recording the trusts by virtue of which persons are to participate in
such scheme;

'trust property', in relation to a unit trust scheme, means property
subject to the trusts of the trust instrument;

'unit', in relation to a unit trust scheme, means a right or interest
(whether described as a unit, as a sub-unit or otherwise) of a
beneficiary under the trust instrument;

unit trust scheme' means any arrangements made for the purpose, or
having the effect, of providing, for persons having funds





available for investment, facilities for the participation by them,
as beneficiaries under a trust, in any profits or income arising
from the acquisition, holding, management or disposal of any
property whatsoever.

(3) Where a person authorizes or requires the trustees or
managers under a unit trust scheme to treat him as no longer
interested in a unit under that scheme and authorizes or requires
them to treat another person as entitled to that unit, he shall be
deemed for the purposes of this Ordinance to transfer that unit, and
any instrument whereby he gives the authority or makes the require-
ment or any other instrument expressed to be substituted therefor by
the managers with the approval of the Collector shall be deemed for
those purposes to be a transfer operating as a voluntary disposition
inter vivos under section 27(4) or a transfer by way of sale falling
within head 2(4) in the First Schedule according to the nature of the
transaction as between him and the person whom he authorizes or
requires the trustees or managers to treat as entitled to the unit.
(Amended, 77 of 1981, s. 7)

(4) Where a person authorizes or requires the trustees or
managers under a unit trust scheme to treat him as no longer
interested in a unit under that scheme and does not authorize or
require them to treat another person as entitled to that unit, he shall
be deemed for the purposes of this Ordinance to transfer that unit to
the managers by way of sale, and any instrument whereby he gives
the authority or makes the requirement or any other instrument
expressed to be substituted therefor by the managers with the
approval of the Collector shall be deemed for those purposes to be a
transfer falling within head 2(4) in the First Schedule. (Amended,
77 of 1981, s. 7)

(5) Where the managers under a unit trust scheme authorize or
require the trustees under that scheme to treat a person as entitled to
a unit thereunder and their power so to do arises from a previous
transfer to them of that unit or some other unit, they shall be deemed
for the purposes of this Ordinance to transfer the first-mentioned
unit to that person by way of sale, and any instrument whereby they
give the authority or make the requirement or any other instrument
expressed to be substituted therefor by the managers with the
approval of the Collector shall be deemed for those purposes to be
a transfer falling within head 2(4) in the First Schedule; but this
subsection does not apply to anything done by the managers for the
purpose merely of recognizing or giving effect to a transmission of a
unit by operation of law. (Amended, 77 of 1981, s. 7)

31. (1) The trustees of a unit trust scheme shall keep a record
showing the number of units under the scheme representing the trust
property, and from time to time as soon as any change occurs in the
amount of such property they shall enter in the record the alteration
in the number consequential on such change.

(2) The managers of a unit trust scheme shall keep a record
showing-





(a)the number of units to which they become entitled in
consequence of any addition to the trust property and the
date on which they become so entitled; and

(b)where any units are extinguished, the number of units
extinguished and the date of extinction.

32. (1) Every registered certificate and every certificate to
bearer in respect of units under a unit trust scheme shall before issue
be given a serial number by the trustees of the scheme and, when
surrendered by the holder, shall be preserved by the trustees in such
a manner as to enable reference to be made readily thereto.

(2) Every instrument of transfer in respect of units under a
unit trust scheme shall, when delivered to the trustees of the scheme,
be preserved by the trustees in such a manner as to enable reference
to be made readily thereto.

33. The trustees of a unit trust scheme shall keep a register of
the holders of registered units under the scheme and shall enter
therein the following particulars-

(a)the name and address of each person who holds any units
under the scheme, the serial number of the certificate or
certificates representing the units held by each such person
and the number of units to which each such certificate
relates;

(b)the date or dates on which each such person became the
holder of any units and the number of units of which he
became the holder on each such date, and-
(i) where he became the holder by virtue of an instru-
ment of transfer, or in consequence of the surrender of a
certificate to bearer, a sufficient reference to enable the
instrument or certificate to be readily produced;
(ii) where he became entitled to the units by operation
of law, particulars of the name of the person from whom
the right to such units was transmitted to him, and of the
circumstances in which it was so transmitted or a sufficient
reference to some other record kept by the trustees contain-
ing those particulars;

(c)where any person has ceased to hold any units, the date or
dates at which he ceased to hold them, and-
(i) where he so ceased by virtue of an instrument of
transfer, or in consequence of the issue of a certificate to
bearer, a sufficient reference to the instrument of transfer
to enable it to be readily produced or, as the case may be, a
note of the serial number of the certificate to bearer;
(ii) where his right to any units has been transmitted to
another person by operation of law, particulars of the
name of that person, and of the circumstances in which it
was so transmitted, or a sufficient reference to some other
record kept by the trustees containing those particulars.





34. (1) Where any units under a unit trust scheme are repre-
sented by a certificate to bearer, the trustees of the scheme shall enter
in a separate part of the register referred to in section 33, or in a
separate register, the following particulars-

(a)the fact of the issue of the certificate and the serial number
of the certificate;

(b) the number of units included in the certificate; and

(c) the date of the issue of the certificate.

(2) Upon the surrender and cancellation of any certificate to
bearer, a note of the date of surrender shall be added to the entry.

35. (1) Registers or records required under this Part may be
kept by recording the matters in question-

(a) in bound books or any other legible form; or

(b)otherwise than in a legible form so long as the recording is
capable of being reproduced in a legible form,

but where any such register or record is kept otherwise than by
making entries in a bound book, adequate precautions shall be
taken for guarding against falsification and facilitating its discovery.

(2) Unless the register kept under section 33 is in such a form
as to constitute in itself an index, the trustees of the scheme shall
keep in a convenient form an index of the names of the holders.

(3) The registers, statements and other records and documents
referred to in this Part shall be preserved during the life of the trust
scheme and for a period of not less than 1 year thereafter, but
nothing in this Part shall require instruments of transfer or regis-
tered certificates or certificates to bearer to be preserved for a period
exceeding 6 years from the date on which they were finally delivered
to the trustees of the scheme.

36. Notwithstanding anything in the trust instrument of a unit
trust scheme, the trustees or managers under the scheme shall not
register a transfer of units thereunder unless an instrument of
transfer has been delivered to them; but nothing in this section shall
prejudice any power of the trustees or managers to register as
entitled to a unit any person to whom the right to that unit has been
transmitted by operation of law.

37. Any person who-

(a)being a trustee of a unit trust scheme fails to comply with
any of the provisions of section 31(1), 32, 33, 34, 35(2) or
(3), or 36;

(b)being a manager of a unit trust scheme fails to comply with
any of the provisions of section 31(2), 35(3) or 36,

shall incur a penalty of $1,000 which shall be recoverable by the
Collector as a civil debt due to the Crown.





PART V

EXEMPTION AND RELIEF

38. In this Part-

'consular premises' means any premises in respect of which the

Chief Secretary has issued a certificate under section 43(3)(a);
'exempted institution' means a charitable institution or trust of a

public character which is exempt from tax under section 88 of the
Inland Revenue Ordinance;

'exempted person' means any person in respect of whom the Chief

Secretary has issued a certificate under section 43(3)(b);

'Government' means

(a) the Government of Hong Kong;

(b) the Government of the United Kingdom;

'incorporated public officer' means any of the following

(a) The Financial Secretary Incorporated; (Amended,

L.N. 180185)

(b) Director of Education Incorporated;
(c) The Director of Social WeltareIncorporated;
(d) The Secretary for District Administration Incorporated;
(Amended, 61 of 1984, s. 5 and L.N. 190/86)

premises of the Chinese members of the Joint Liaison Group or of
the Chinese members of the Land Commission' means any
premises in respect of which the Chief Secretary has issued a
certificate under section 43(3)(a); (Replaced, 44 of 1985, s. 7)

'premises of the Visa Office' means any premises in respect of

which the Chief Secretary has issued a certificate under sec-
tion 43(3)(a). (Added, 61 of 1984, s. 5)


39. The following instruments shall not be chargeable with

stamp duty under this Ordinance

(a)all instruments duly stamped under the stamp regulations
enforced by the Japanese in Hong Kong between 26
November 1942 and 1 September 1945;

(b)all conveyances on sale to the Crown or an incorporated
public officer;

(c)all grants by the Crown and all Crown leases and all surrenders
of such grants and leases;

(d)all instruments executed by the Housing Authority for the
purposes of the Housing Ordinance other than a conveyance
on sale executed for the purposes of section 17A thereof;

(e)all instruments executed by the Urban Council for the
purposes of the Urban Council Ordinance;

(ea) all instruments executed by the Regional Council for the
purposes of the Regional Council Ordinance; (Added, 39 of
1985, s. 60)





all conveyances on sale of consular premises to an exempted
person;

(g)all instruments exempted under section 125 of the Bankruptcy
Ordinance, or section 281 of the Companies Ordinance.

40. (1) In the case of any instrument in respect of which, by virtue
of section 41 or 43(1), no person is liable for the payment of stamp duty
chargeable thereon, the instrument shall not be chargeable with stamp
duty if, but only if, it is presented to the Collector for stamping.

(2) Any instrument presented to the Collector under this section,
and any duplicate or counterpart of such instrument, shall, without
payment of an adjudication fee and notwithstanding section 13(4), be
stamped under subsection (3)(a) of that section with a stamp denoting
that it is not chargeable with stamp duty, and subsection (6) of that
section shall apply accordingly.

41. (1) Notwithstanding section 4(3), the Government or any
incorporated public officer or any person acting in his capacity as a
public officer shall not be liable for the payment of stamp duty
chargeable on any instrument or any penalty payable in respect thereof
under section 9.

(2) Subsection (1) does not apply to-

(a) any public officer acting in his capacity as-

(i) Official Administrator;

(ii) Official Receiver;

(iii) Official Trustee; or

(iv) liquidator; or

(b)any public officer acting in pursuance of any order of any
court.

42. (1) This section applies to a lease or agreement for a lease
(other than an instrument to which section 39 applies) made between

(a)the Government, or any person acting on behalf of the
Government; or

(b) an incorporated public officer,

and any other person ('the other party') not being a person to whom
section 43(1) applies.

(2) Every instrument to which this section applies shall, for the
purposes of this Ordinance, be deemed to contain a provision whereby
the other party undertakes to pay 50 per cent of the stamp duty
chargeable on such instrument; and payment of that amount under a
provision deemed by virtue of this section to be contained in an
instrument shall be deemed to constitute payment of the stamp duty
chargeable on the instrument.

43. (1) Where an exempted person or a person acting on behalf of
an exempted person is a party to any instrument being a lease,
agreement for a lease or conveyance on sale of Consular pre






mises or premises of the Visa Office, of the Chinese members of the Joint
Liaison Group or of the Chinese members of the Land Commission, the
exempted person shall not be liable for the payment of stamp duty
chargeable on such instrument or any penalty payable in respect thereof
under section 9. (Amended, 61 of 1984, s. 5; 18 of 1985, s. 5 and 44 of
1985, s. 7)

(2) Every lease or agreement for a lease (other than an instrument
to which section 39 applies) made in respect of consular premises or
premises of the Visa Office, of the Chinese members of the Joint Liaison
Group or of the Chinese members of the Land Commission between an
exempted person, or a person acting on behalf of an exempted person,
and any other person (other than the Government, an incorporated
public officer or an exempted person) shall be deemed to contain a
provision whereby such other person undertakes to pay 50 per cent of
the stamp duty chargeable on such instrument; and payment of that
amount under a provision deemed by virtue of this subsection to be
contained in an instrument shall be deemed to constitute payment of the
stamp duty chargeable on the instrument. (Amended, 61 of 1984, s. 5;
18 of 1985, s. 5 and 44 of 1985, s. 7)

(3) The Chief Secretary may certify

(a) (i) in respect of premises which are exempt from taxation
under the Consular Relations Ordinance, that such premises
are consular premises for the purposes of this Part;

(ii) in respect of premises which are exempt from taxation
under the Chinese Visa Office (Privileges and Immunities)
Ordinance, that such premises are premises of the Visa Office
for the purposes of this Part;

(iii) in respect of premises which are exempt from taxation
under the Privileges and Immunities (Joint Liaison Group and
Land Commission) Ordinance, that such premises are premises
of the Chinese members of the Joint Liaison Group for the
purposes of this Part; and (Added, 18 of 1985, s. 5. Amended,
44 of 1985, s. 7)

(b) (i) in respect of any diplomatic agent or consular officer

within the meaning of the Consular Relations Ordinance,
that such person is an exempted person for the purposes of
this Part;

(ii) in respect of an officer of the Visa Office within the
meaning of the Chinese Visa Office (Privileges and
Immunities) Ordinance, that such person is an exempted
person for the purposes of this Part; and

(iii) in respect of a person to whom the Privileges and
Immunities (Joint Liaison Group and Land Commission)
Ordinance applies, that such person is an exempted person for
the purposes of this Part Added, 18 of 1985, s. 5. Amended,
44 of 1985, s. 7) 'A

(Replaced, 61 of 1984, s. 5. Amended, 18 of 1985, s. 5)
44. (1) Stamp duty under head 1(1) or head 2(3) in the First Schedule shall not
be chargeable on an instrument to which this section applies.





(2) This section applies to the following instruments-
(a)any conveyance of immovable property operating as a
voluntary disposition inter vivos where the beneficial inter-
est therein passes by way of gift from the person entitled to
that interest to or on trust for an exempted institution;
(b)any transfer of Hong Kong stock operating as a voluntary
disposition inter vivos where the beneficial interest therein
passes by way of gift from the registered owner or trans-
feror of the Hong Kong stock to or on trust for an
exempted institution.
(3) An instrument to which this section applies shall not be
duly stamped unless it is stamped with the stamp duty with which it
would, but for this section, be chargeable or it has, in accordance
with section 13, been stamped with a particular stamp denoting
either that it is not chargeable with any stamp duty or that it is duly
stamped.

45. (1) Stamp duty under head 1(1) in the First Schedule shall
not be chargeable on an instrument to which this section applies.
(2) Subject to subsections (4), (5) and (6), this section applies
to any instrument as respects which it is shown to the satisfaction of
the Collector that the effect thereof is to convey a beneficial interest
in immovable property from one associated body corporate to
another and that the bodies in question are associated, that is to say,
one is beneficial owner of not less than 90 per cent of the issued share
capital of the other, or a third such body is beneficial owner of not
less than 90 per cent of the issued share capital of each.
(3) An instrument to which this section applies shall not be
duly stamped unless it is stamped with the stamp duty with which it
would, but for this section, be chargeable or it has, in accordance
with section 13, been stamped with a particular stamp denoting
either that it is not chargeable with any stamp duty or that it is duly
stamped.
(4) This section shall not apply to any instrument unless it is
also shown to the satisfaction of the Collector that the instrument
was not executed in pursuance of or in connexion with an arrange-
ment under which-
(a)the consideration, or any part of the consideration, for the
conveyance was to be provided or received, directly or
indirectly by a person other than a body corporate which
at the time of the execution of the instrument was asso-
ciated within the meaning of subsection (2) with either the
transferor or the transferee (meaning respectively, the
body corporate from whom and the body corporate to
whom the beneficial interest was conveyed);
(b)the said interest was previously conveyed, directly or
indirectly, by such a person; or
(c)the transferor and the transferee were to cease to be
associated within the meaning of subsection (2) by reason





of a change in the percentage of the issued share capital of
the transferee in the beneficial ownership of the transferor or a
third body corporate.

(5) Without prejudice to the generality of paragraph (a) of
subsection (4), an arrangement shall be treated as within that paragraph
if it is one under which the transferor or the transferee, or a body
corporate associated with either as there mentioned, was to be enabled
to provide any of the consideration, or was to part with any of it, by or
in consequence of the carrying out of a transaction or transactions
involving, or any of them involving, a payment or other disposition by a
person other than a body corporate so associated.

(6) The ownership referred to in subsections (2) and (4) is
ownership either directly or through another body corporate or other
bodies corporate, or partly directly and partly through another body
corporate or other bodies corporate, and the Third Schedule shall apply
accordingly for the purposes of this section.

46. (1) Where the Land Officer certifies that any instrument
affecting any immovable property held from the Crown has been
executed in compliance with his requirements for the sole purpose of
enabling a Crown lease of the immovable property to be granted to the
owner thereof and has been replaced by a new instrument affecting the
immovable property in the same manner as, and similar as far as possible
to, the instrument replaced, and executed immediately upon the granting
of the said Crown lease, then such instruments shall be exempt from
stamp duty, and the Collector shall, on production to him of the
instruments so certified, endorse thereon a certificate to the effect that
the instruments are by virtue of this section exempt from stamp duty.

(2) Where the Land Officer certifies that any instrument affecting
any immovable property held from the Crown has been executed in
compliance with his requirements for the sole purpose of enabling the
owner of the immovable property to surrender it to the Crown as
consideration or part consideration for an exchange and has been
replaced by a new instrument affecting the immovable property in the
same manner as, and similar as far as possible to, the instrument
replaced, and executed immediately upon the granting of the said Crown
lease, then such instruments shall be exempt from stamp duty, and the
Collector shall, on production to him of the instruments so certified,
endorse thereon a certificate to the effect that the instruments are by
virtue of this section exempt from stamp duty.

47. (1) Whenever the Land Officer certifies that in his opinion an
assignment or reassignment has been made by the appropriate parties
solely for the purpose of carrying into effect a transaction or a series of
transactions in respect whereof an instrument or a series of instruments
has been registered or recorded in the Japanese House Registration
Office and of effectuating by an assignment or reassignment in the form
in common use in Hong Kong the transaction or series of transactions
which to him appears to have been intended to be effected by such
instrument or series of instru





ments, then such assignment or reassignment shall be exempt from
stamp duty.

(2) The certificate under subsection (1) shall be endorsed upon the
instrument in question, and on production of the certificate under
subsection (1) and of the instrument in question the Collector shall
endorse thereon a certificate to the effect that the same is under this
section exempt from stamp duty.

(3) This section shall not apply to any instrument executed in
contravention of the Moratorium Proclamation of the British Military
Administration dated 13 September 1945.

PART VI

ALLOWANCE FOR SPOILED OR UNWANTED
STAMPS

48. (1) Subject to subsection (2) and to the production of such
evidence, by statutory declaration or otherwise, as the Collector may
require, allowance shall be made by the Collector for any stamp spoiled
in any of the following cases

(a)where the stamp on any material is inadvertently spoiled,
obliterated or by any means rendered unfit for the purpose
intended before the material bears the signature of any person
or any instrument written thereon is executed by any party;

(b)where an adhesive stamp is inadvertently spoiled or rendered
unfit for use and has not in the opinion of the Collector been
affixed to any material;

(c)where the stamp is used for any instrument executed by any
person which

(i) is afterwards found to be absolutely void from the
beginning;

(ii) is afterwards found to be unfit, by reason of any error or
mistake therein, for the purpose originally intended;

(iii) has not been made use of for any purpose whatever
and, by reason of the inability or refusal of some necessary
party to sign the instrument or to complete the transaction
according to the instrument, is incomplete and insufficient for
the purpose for which it was intended;

(iv) fails of its intended purpose, or becomes void, by
reason of the refusal of any person to act under the
instrument or for want of enrolment or registration thereof
within the time required by law; or

(v) is inadvertently spoiled and in lieu thereof another
instrument made between the same parties and for the same
purpose is executed and duly stamped, or becomes useless in
consequence of the transaction intended to be thereby
effected being effected by some other instrument duly
stamped.

(2) This section shall not apply unless-

(a)the application for allowance is made within 2 years after the
stamp has been spoiled or become useless or, in the case





of an instrument executed by any person, after the date of
the instrument or if it is not dated within 2 years after the
execution thereof by the person by whom it was first or
alone executed, or such further time as the Collector may
determine in the case of any instrument sent abroad for
execution or where from unavoidable circumstances any
instrument for which another has been substituted cannot
be produced within the said period; and
(b)in the case of an executed instrument, no legal proceeding
(other than legal proceedings in which the question whether
the instrument is void falls to be determined) has been
commenced in which the instrument could or would have
been given or offered in evidence and, if the Collector so
requires, the instrument is given up to be cancelled.

49. Where any person has inadvertently used for any instru-
ment chargeable with stamp duty a stamp of greater value than was
necessary, or has inadvertently used a stamp for an instrument not
chargeable with stamp duty, the Collector may, on application made
within 2 years after the date of the instrument or, if it is not dated,
within 2 years after the execution thereof by the person by whom it
was first or alone executed, and upon the instrument, if chargeable
with stamp duty, being stamped with a stamp denoting payment of
the stamp duty chargeable thereon, cancel and allow as spoiled the
stamp so misused.

50. The Collector may, upon application by any person being
the purchaser of an adhesive stamp which has not been spoiled or
rendered unfit or useless for the purpose intended, make allowance
to such person in respect thereof if-
(a) the adhesive stamp is delivered up to the Collector; and
(b)the Collector is satisfied that the adhesive stamp was
purchased by such person-
(i) at the office of the Collector within a period of not
more than 2 years preceding the application; and
(ii) with a bona fide intention to use it.

51. (1) In any case in which allowance is made under this Part
for spoiled or misused stamps or adhesive stamps, the Collector
may give in lieu thereof money to the value of such stamps or other
stamps of the same denomination or value, or if required and he
thinks proper, stamps of any other denomination to the same
amount in value.
(2) Any allowance made under this Part shall lapse upon the
expiration of 1 year from the date on which it is made.

PART VII

MISCELLANEOUS

52. (1) The Governor may remit, wholly or in part, the stamp
duty payable in respect of any instrument chargeable with stamp
duty.





(2) The amount of any stamp duty remitted under this section
in respect of any instrument shall for the purposes of this Ordinance
be deemed to have been paid in respect of that instrument.

53. When at any time a body corporate commits an offence
under this Ordinance with the consent or connivance of, or because
of neglect by, any individual, the individual commits the like offence
if at that time-

(a)he is a director, manager, secretary or similar officer of the
body corporate;

(b) he is purporting to act as such officer; or

(c)the body corporate is managed by its members, of whom
he is one.

54. (1) If it appears to a magistrate upon the oath of any
person that there is reason to believe that there are on any premises
any books of account or other instruments whatsoever of which
any of the contents may tend to show that an offence under this
Ordinance has been committed, the magistrate may issue a search
warrant authorizing any person named in the warrant to enter such
premises and to search the same and any person found thereon,
and to inspect, and to make and take away copies of, any books
of account or other instruments found on such premises or such
person; and any person so authorized shall, as respects any such
books kept by recording any matters otherwise than in a legible
form, be deemed to be authorized to require inspection of, and to
take away, a reproduction of the recording or of the relevant part of
it in a legible form.

(2) Any copies so made shall be admissible in evidence in any
proceedings under this Ordinance.

(3) No person shall obstruct any such inspection, or the
making or taking away of any copy or reproduction, in any manner
whatsoever.

(4) Every person in whose possession or under whose control
there may be any books of account or other documents whatsoever
which the Collector, or any person authorized thereto by him in
writing, may wish to inspect for the purposes of this Ordinance, shall
afford to the Collector or to the person duly authorized by him all
reasonable facilities for such inspection and for making and taking
away copies of such books of account and documents.

(5) Where any books of account referred to in subsection (4)
are kept by recording any matters otherwise than in a legible form,
the duty imposed by that subsection shall be treated as a duty to
allow inspection of, and the taking away of, a reproduction of the
recording or of the relevant part of it in a legible form.

(6) Any person who contravenes subsection (3) or fails to
comply with subsection (4) commits an offence.





55. Any person who for the purpose of evading any stamp duty or
penalty payable under this Ordinance falsities, mutilates or destroys any
book of account or other instrument whatsoever commits an offence.

56. Any person who-

(a)fraudulently prints or impresses upon or affixes to any
instrument any stamp;

(b)knowingly sells or offers or exposes for sale or utters or uses
any stamp which has been fraudulently printed or impressed;

(c)fraudulently mutilates any stamp, with intent that any use may
be made of any part of such stamp;

(d)fraudulently cuts, tears or in any way removes from any
instrument any stamp, with intent that any use may be made of
such stamp or any part thereof,

(e)fraudulently fixes or places upon any instrument, or upon any
stamp, any stamp or part of a stamp which, whether
fraudulently or not, has been cut, torn or in any way removed
from any instrument or out of or from any other stamp;

fraudulently adds to, erases or otherwise either really or
apparently removes from any stamped instrument any name,
sum, date or other matter or thing whatsoever written thereon,
with the intent that any use may be made of the stamp upon
such instrument;

(g)wilfully removes or attempts to remove from any adhesive
stamp any cancelling marks thereon;

(h)knowingly sells or offers or exposes for sale or utters or uses
any adhesive stamp from which cancelling marks have been
wholly or partially removed;

(i)fraudulently removes or causes to be removed from any
instrument any adhesive stamp, with intent that such
adhesive stamp may be used again;

(j)fraudulently affixes to any instrument any adhesive stamp so
removed, or knowingly sells or offers or exposes for sale or
utters any adhesive stamp so removed, or utters any
instrument having thereon an adhesive stamp which to his
knowledge has been so removed; or

(k)knowingly, and without lawful excuse, has in his possession
any stamp which has been fraudulently printed or impressed
upon or affixed to any instrument, or any stamp which has
been fraudulently mutilated, or any stamp or part of a stamp
which has been fraudulently cut, torn or in any way removed
from any instrument, or any stamped instrument to or from
which any name, sum, date or other





matter or thing has been fraudulently added, erased or
otherwise either really or apparently removed, or any
adhesive stamp from which cancelling marks have been
wholly or partially removed or which has been fraudu-
lently removed from any instrument,

commits an offence.

57. (1) If it appears to a magistrate upon the oath of any
person that there is reason to believe that any stamps have been
stolen or fraudulently obtained and are on any premises, the
magistrate may issue a warrant authorizing a police officer to enter
such premises and to search the same and any person found thereon
and to seize and take away any such stamps found on such premises
or such person, and to arrest any person found on such premises
in whose possession or custody such stamps are found; and if any
such person does not satisfactorily account to a magistrate for his
possession or custody of such stamps or it appears to the magistrate
that such stamps were not lawfully obtained by him such stamps
shall be forfeited and delivered up to the Collector.

(2) Where stamps are seized under a warrant issued under
subsection (1), the police officer authorized by the warrant shall, if
required, give to any person in whose possession or custody such
stamps are found a written acknowledgement of the number,
particulars and value of such stamps and permit such stamps to be
marked before their removal.

58. Any person who in any manner defaces any adhesive
stamp before it is used shall incur a penalty of $1,000 which shall be
recoverable by the Collector as a civil debt due to the Crown:

Provided that any person may with the express sanction of the
Collector, and in conformity with the conditions which he may
impose, write upon or otherwise appropriate an adhesive stamp
before it is used for the purpose of identification thereof.

59. Any person who practises or is concerned in any fraudu-
lent act, contrivance or device, not specially provided for by law,
with intent to defraud the Government of any stamp duty commits
an offence.

60. Any person who commits or attempts to commit any
offence under this Ordinance shall be liable to a fine of $10,000 and
to imprisonment for 1 year.

61. No criminal proceedings for an offence under this Ordi-
nance shall be instituted after the expiration of 2 years from the
discovery of the offence by the Collector or 6 years from the
commission of the offence, whichever is the earlier.

62. The Government shall not be responsible for the loss of
or for damage to any instrument tendered for stamping whilst in the
custody of the Collector, nor shall any officer in the office of the





Collector be responsible for such loss or damage, unless he has
caused it wilfully, fraudulently or by gross negligence.

63. The Governor in Council may by regulations-
(a)specify the transactions or dealings in respect of Hong
Kong stock that constitute jobbing business for the pur-
poses of this Ordinance;
(b)prescribe the procedure for stamping contract notes made
and executed in respect of any jobbing business;
(c) amend the Second Schedule.

64-65. [Have had effect]

66. (1) Any instrument duly stamped under the Stamp Ordin-
ance (in this section referred to as 'the repealed Ordinance') shall,
as from the commencement of this Ordinance, be deemed for all
purposes to be duly stamped under this Ordinance.
(2) Any instrument chargeable with stamp duty but not duly
stamped under the repealed Ordinance shall be deemed to be an
instrument chargeable with stamp duty under this Ordinance; and
any penalty payable under section 9 in respect of any such instru-
ment shall be calculated by reference to the point of time or the
period of time which would have applied if such penalty had become
payable under the repealed Ordinance.
(3) Nothing in this Ordinance shall apply in respect of transac-
tions referred to in section 19 which were entered into prior to the
commencement of this Ordinance, and the repealed Ordinance shall
continue to apply in respect of such transactions as if this Ordinance
had not been enacted.
(4) Any licence issued under the repealed Stamp Duties
Management Ordinance in respect of the use of a franking machine
and in force immediately prior to the commencement of this Ordin-
ance, shall be deemed to have been issued under this Ordinance.
(5) Any assessment of stamp duty or any appeal against such
assessment or any action or claim for the recovery of any stamp duty
or penalty required or commenced under the repealed Ordinance
and pending or not disposed of immediately prior to the com-
mencement of this Ordinance, may be continued and disposed of
thereafter as if it had been required or commenced under this
Ordinance.
(6) Any allowance made under the repealed Stamp Duties
Management Ordinance for any stamps and not taken up before the
commencement of this Ordinance may be taken up within 1 year
from such commencement and, if not so taken up, shall lapse.
(7) Any authorization given by the Collector of Stamp
Revenue under section 47(4) of the repealed Ordinance and in force
immediately before the commencement of this Ordinance, shall
continue to have effect as if it had been given under section 54(4)
of this Ordinance.





FIRST SCHEDULE[ss. 4,5, 19,20,
29, 30 45.]

(A) Stamp Duty
Nature of Instrument (B) Time for stamping
(C) Persons liable

HEAD 1: IMMOVABLE PROPERTY IN
HONG KONG

Agreement for Lease,

See LEASE and section 16

Agreement or Contract for Sale of equitable interest,
See CONVEYANCE ON SALE and section 26

CONVEYANCE ON SALE

(a)where the amount or value of the con- (A) (a) $20
sideration does not exceed $250,000
and the instrument is certified in ac-
cordance with section 29 at $250,000;
(b) where the amount or value of the con- (b) $20 with the addi-
sideration exceed $250,000 but does tion thereto of an
not exceed $252,505 and the instru- amount, not ex-
ment is certified in accordance with ceeding $2,505, by
section 29 at $252,505; which the amount
or value of the con-
sideration exceeds
$250,000

(c) where the amount or value of the con- (c) $1 for every $100
sideration exceeds $252,505 but does or part, thereof of
not exceed $500,000 and the instru- the amount or
ment is certified in accordance with value of the consideration
section 29 at $500,000;

(d) where the amount or value of the con- (d) $5,000 with the
sideration exceeds $500,000 but does addition thereto
not exceed $508,997 and the instru- of an amount not
ment is certified in accordance with exceeding $8,997,
section 29 at $508,997; by which the
amount or value of
the consideration
exceeds $500,000
(e) in any othe case (e) $2.75 for every
$100 or part
thereof of the
amount or value of
the consideration

(B) 30 days after execution;
but see Note 2 to this sub-head

(C)All parties, and all
other persons executing;
but see Note 2 to this
sub-head

And see sections 2, 4, 22, 23, 24, 25, 26, 27, 28,
29, 39, 43, 44 and 45

Note 1

This sub-head shall apply in relation to the
stamp duty chargeable by reference to it by
virtue of sub-head (2)(a), in a case where part of
the consideration fof a lease consists of rent, as if
paragraphs (a) to (d) and the words 'in any other
case' in paragraph (e) were omitted

Note 2

In the case of a vesting order consequential
upon an order for sale or partition or a
foreclosure order, the time for stamping shall
be before the order is signed by the Registrar
and the persons liable shall be the persons
obtaining the order





(A) Stamp Duty
Nature of Instrument (B) Time for stamping
(C) Persons liable

Note 3
In the case of a foreclosure order, the stamp duty
chargeable thereon shall not exceed the stamp
duty which would be chargeable thereon by
reference to the value of the property to which
the order relates
Note 4
A foreclosure order shall not be duly stamped
unless the Collector has stamped it under section
13(3)(b)
Exchange, Instruments effecting-see section 25(7)
(2) LEASE
(a) where the consideration or any part of (A) The same duty as on a
the consideration, moving either to the conveyance on sale for
lessor or to any other person, consists the same consideration
of any money, stock or security (see Note 1 to sub-head
1)
(B)30 days after execution
(C)All parties, and all other
persons executing
(b) where the consideration or any part of
the consideration is any rent
(i) where the term is not defined or is(A) (i) 25 cents for every
uncertain; S100 or part
thereof of the
yearly or average
yearly rent
(ii) where the term specified in the (ii) 25 cents for every
lease does not exceed one year; 100 or part
thereof of the total
rent payable over
the term of the
lease
(iii) where the term specified in the(iii) 50 cents for every
lease exceeds one year but does $100 or part
not exceed three years; thereof of the
yearly or average
yearly rent
(iv) where the term specified in the (iv) 51 for every $100
lease exceeds three years or part thereof of
the yearly or aver-
age yearly rent
(B)30 days after execution
(C)All parties, and all other
persons executing
(e) Lease executed in pursuance of a duly (A) $3
stamped agreement for lease (B) 30 days after execution

(C) All parties, and all other
persons executing

And see sections 2, 16, 17, 27, 39, 42 and 43
Partition, Instruments effecting-see section 25(7)
Voluntary Disposition inter vivos-see section 27
HEAD 2: HONG KONG STOCK
(1) CONTRACT NOTE for the sale or purchase (A) S3 for every $1,000 or
of any Hong Kong stock, not being jobbing part thereof of the
business, on every note required to be made amount of the con-
under section 19(1) sideration or of its
value at the date on





(A) Stamp Duty
Nature of Instrument (B)Time for stamping
(C)Persons liable
which the contract
note falls to be
executed: but see Note
to this sub-head
(B)2 days after the sale
or purchase if effected
in Hong Kong: see
section 19(1)(b)(i)
30 days after the sale
or purchase if effected
elsewhere: see section
19(1)(b)(ii)
(C)The agent or. where
no agent, the principal
effecting the sale or
purchase

And see sections 2, 4, 5, 6, 19, 20, 23, 24 and 27

Note

Where the consideration or any part of the
consideration consists of any security not
being stock, the amount due upon such security
for principal and interest on the date on which
the contract note falls to be executed shall be
taken to be its value at that date

(2) CONTRACT NOTE in respect of jobbing busi- (A) $5
ness on every note required to be made under (B) 2 days after the sale or

section 19(1) purchase: see section
19(1)(b)(i)
(C) The broker effecting
the sale or purchase
And see sections 2, 4, 19 and 20
(3) TRANSFER operating as a voluntary disposi- (A) S5 and $6 for every
tion inter vivos or made for the purpose of S1,000 or part thereof
effectuating a transaction whereby the beneficial of the value of the
stock
interest in Hong Kong stock passes otherwise (B) 7 days after execution
than on purchase and sale, including a fore- or, if executed else-
closure order where than in Hong

Kong, 30 days after
execution; but see
Note 1 to this sub-head

(C)The transferor and the
transferee; but see Note
1 to this sub-head

And see sections 4, 19, 27, 28, 30 and 44

Note 1

In the case of a foreclosure order, the time for
stamping shall be before the order is signed by
the Registrar and the persons liable shall be the
persons obtaining the order

Note 2







In the case of a foreclosure order, the stamp
duty chargeable thereon shall not exceed the
stamp duty which would have been chargeable
thereon by reference to the amount of the debt
to which the order relates

Note 3

A foreclosure order shall not be duly stamped
unless the Collector has stamped it under
section 13(3)(b)





(A) Stamp Duty
Nature of Instrument (B) Time for stamping
(C) Persons liable

(4) TRANSFER of any other kind (A) $5
(B)Before execution or, if
executed elsewhere
than in Hong Kong, 30
days after execution
(C)The transferor and the
transferee
And see sections 5, 7 and 30
HEAD 3: HONG KONG BEARER
INSTRUMENT
(1) HONG KONG BEARER INSTRUMENT (A) $3 per $100 or
part
issued in respect of any stock other than- thereof of market
value on issue
(a) any loan capital; (B)Before issue
(b) units in a unit trust scheme under the (C) The person by
whom
terms of which the funds of the trust or on whose behalf the
cannot be invested in any investment instrument is issued
other than loan capital and any person who
acts as the agent of
that person for the pur-
poses of the issue
And see sections 2 and 5(5)
(Replaced, 21 of 1986, s. 2)
(2) HONG KONG BEARER INSTRUMENT (A) $5
given in substitution for a like instrument duly
stamped under sub-head (1) of this head (B) Before issue
(C)The person by whom
or on whose behalf the
instrument is issued
and any person who
acts as the agent of
that person for the pur-
poses of the issue
And see sections 2 and 5(5)

HEAD 4: DUPLICATES AND
COUNTERPARTS

DUPLICATE OR COUNTERPART of any instru-(A) Where the stamp duty
ment chargeable with any stamp duty on the original instru-
ment does not amount
to 55, the same stamp
duty as on the original;
in any other case,
S5: but see Note to
this head
(B)7 days after execution,
or such longer period as
the time for stamping
the original instrument
would allow
(C)





(A) Stamp Duty
Nature of Instrument (B) Time for stamping
(C) Persons liable

And see section 8

Note

If in the case of a lease or agreement for a
lease the stamp duty payable in respect thereof
is limited in accordance with section 42(2) or
43(2) to 50% of the stamp duty chargeable
thereon, the stamp duty chargeable on a
duplicate or counterpart thereof shall be
limited to 50% of the stamp duty otherwise
chargeable under this head

SECOND SCHEDULE [ss. 7 63.1
PART 1
FORM
STAMP DuTY ORDINANCE
(section 7)

Licence No . .............................................

No. of machine .......................................

Licence to use a franking machine

LICENCE is hereby granted to .........................................................................

...........
........................................................................................................................

(~cr*'e'inafter called the licensee) to use the above-numbered franking machine at
for the purpose of stamping instruments under section 5(4) of the Stamp Duty
Ordinance in respect of stamp duty chargeable under head 2(4) in the First Schedule
to that Ordinance.

2. This licence is not transferable.

Dated the day of 19

.................

Collector of Stamp Revenue.

CONDITIONS

1. The machine shall not, except for the purpose of bringing it to the Stamp
Office or with the permission of the Collector of Stamp Revenue, be moved from
the address hereinbefore specified at which it may be used.

2. The licensee shall maintain the machine in good working order to the
satisfaction of the Collector of Stamp Revenue and shall, not less than once in
every 2 years and at such other times as the Collector of Stamp Revenue may
require, have the machine inspected by the agents in Hong Kong of the
manufacturers.

3. The licensee shall permit the Collector of Stamp Revenue or an officer of
the Stamp Office authorized in writing by the Collector of Stamp Revenue to
inspect the machine at such times as the Collector of Stamp Revenue thinks fit,
and shall, for that purpose, allow the Collector of Stamp Revenue or the officer so
authorized access to the place where the machine is kept.







4. No words, letters, or marks of any kind whatsoever, other than the stamp
denoting the duty with which the instrument is chargeable and the date of
stamping, shall be stamped on any instrument by means of the machine.





5. Except with the written consent of the Collector of Stamp Revenue, the
machine shall not be used to stamp any instrument other than those connected
with the business of the licensee.

6. The licensee shall, on each successive Monday (or if Monday is a general
holiday, on the next working day), send to the Collector of Stamp Revenue, in
such form as he may direct, notice of the value of the stamps impressed by means
of the machine during the 7 days ending on the preceding Sunday.

PART 2

GENERAL PROVISIONS

1. Every licence shall-

(a) be issued in respect of one franking machine only;

(b)be issued in respect of a franking machine of a type and make approved
by the Collector;

(c) be not transferable.

2. Every application for a licence shall be in such form as the Collector may
from time to time determine.

3, The die and the colour of the stamp to be used in a franking machine shall
be in accordance with such specifications or requirements as the Collector may
direct.

4. The licensee shall make payment to the Collector in respect of each setting
or re-setting of the meter of the licensed franking machine at the time of such
setting or re-setting.

5. In the case of every licensed franking machine-

(a)the meter shall be set or re-set, as the case may be, by the Collector or a
public officer authorized in writing by the Collector for the purposes of
section 7; and

(b)after the meter has been so set or re-set, the franking machine shall be
scaled by the Collector or such public officer with a seal approved by the
Collector for the purposes of this provision.

THIRD SCHEDULE (s. 45.1

PROVISIONS FOR DETERMININc, AMOUNT OF SHARE CAPITAL HELD THROUGH
OTHER BODIES CORPORATE

1 Where, in the case of a number of bodies corporate, the first directly owns
share capital of the second arid the second directly owns share capital of the
third, then. for the purposes of this Schedule, the first shall be deemed to own
share capital of the third through the second, and, if the third directly owns share
capital of a fourth, the first shall be deeiried to own share capital of the fourth
through the second and third, and the second shall be deemed to own share capital
of the fourth through the third, and so on.

2. In this Schedule-

(a)any number of bodies corporate of which the first directly owns share
capital of the next and the next directly owns share capital of the next but
one and so on, and, if they are more than 3, any 3 or more of them, are
referred to as 'a series';

(b) in any series-







(i) that body corporate which owns share capital of another through
the remainder is referred to as 'the first owner';





(ii) that other body corporate the share capital of which is so owned is
referred to as 'the last owned body corporate';

(iii) the remainder, if one only, is referred to as an 'intermediary' and,
if more than one, referred to as 'a chain of intermediaries';

(c)a body corporate in a series which directly owns share capital of another
body corporate in the series is referred to as an 'owner';

(d)any 2 bodies corporate in a series of which one owns share capital of the
other directly, and not through one or more of the other bodies corporate
in the series, are referred to as being directly related to one another.

3. Where every owner in a series owns the whole of the share capital of the
body corporate to which it is directly related, the first owner shall be deemed to
own through the intermediary or chain of intermediaries the whole of the share
capital of the last owned body corporate.

4. Where one of the owners in a series owns a fraction of the share capital of
the body corporate to which it is directly related, and every other owner in the
series owns the whole of the share capital of the body corporate to which it is
directly related, the first owner shall be deemed to own that fraction of the share
capital of the last owned body corporate through the intermediary or chain of
intermediaries.

5. Where-

(a)each of 2 or more of the owners in a series owns a fraction, and every
other owner in the series owns the whole, of the share capital of the body
corporate to which it is directly related; or

(b)every owner in a series owns a fraction of the share capital of the body
corporate to which it is directly related,

the first owner shall be deemed to own through the intermediary or chain of
intermediaries such fraction of the share capital of the last owned body corporate
as results from the multiplication of those fractions.

6. Where the first owner in any series owns a fraction of the share capital of
the fast owned body corporate in that series through the intermediary or chain of
intermediaries in that series, and also owns another fraction or other fractions of
the share capital of the last owned body corporate, either

(a) directly; or

(b)through an intermediary or intermediaries which is not a member or are
not members of that series; or

(c)through a chain or chains of intermediaries of which one or some or all
are not members of that series; or

(d)in a case where the series consists of more than 3 bodies corporate,
through an intermediary or intermediaries which is a member or are
members of the series, or through a chain or chains of intermediaries
consisting of some but not all of the bodies corporate of which the chain
of intermediaries in the series consists,

then, for the purpose of ascertaining the amount of the share capital of the last
owned body corporate owned by the first owner, all those fractions shall be
aggregated and the first owner shall be deemed to own the sum of those fractions.
Originally 31 of 1981. 77 of 1981. L.N. 422/81. 29 of 1984. 43 of 1984. 61 of 1984. 18 of 1985. L.N. 180/85. 39 of 1985. 44 of 1985. 21 of 1986. L.N. 190/86. L.N. 173/81. Short title. Interpretation. (Cap. 333.) (Cap. 112.) Collector of Stamp Revenue and assistant collectors. (Cap. 117, 1978 Ed.) Charging of, liability for, and recovery of stamp duty. First Schedule. First Schedule. First Schedule. First Schedule. (Cap. 32.) Methods of stamping and denoting. First Schedule. First Schedule. Cancellation of adhesive stamps. Licensing and use of franking machines. Second Schedule. Second Schedule. Second Schedule. Duplicates and counterparts. Late stamping. How instruments to be written, charged and stamped. Facts and circumstances affecting stamp duty to be set forth. Power to call for abstract and evidence. Adjudication of stamp duty by Collector. Appeal against assessment. Non-admissibility etc. of instruments not duly stamped. (Cap. 128.) Provisions relating to certain leases etc. Instrument increasing rent to be chargeable as a lease. Calculation of stamp duty as regards foreign currency. Contract notes in respect of sale and purchase of Hong Kong stock. First Schedule. First Schedule. First Schedule. First Schedule. First Schedule. First Schedule. First Schedule. Refund of stamp duty in respect of sale and purchase of units under unit trust schemes. First Schedule. Stamp duty payable where transaction in respect of Hong Kong stock does not amount to jobbing business. First Schedule. First Schedule. Passing on of dividends or interest on Hong Kong stock prohibited. Stamp duty chargeable where consideration in respect of immovable property consists of stock or security other than stock. How consideration consisting of periodical payments to be charged. Stamp duty chargeable where conveyance etc. is in consideration of debt etc. Stamp duty chargeable in case of certain conveyances. Stamp duty chargeable on contracts etc. for sale of equitable estate or interest in immovable property. Voluntary dispositions. Stamp duty chargeable in case of conveyance or transfer in contemplation of sale or subject to power of revocation etc. Certificate with respect to certain conveyances on sale. First Schedule. Commencement and interpretation of Part IV. First Schedule. First Schedule. First Schedule. Duty of trustees and managers to keep records. Numbering and preservation of certificates and instruments of transfer. Register of holders of registered units. Register of certificates to bearer. Form and period of preservation of records. Restriction on registration of transfer of units. Penalty. Interpretation of Part V. (Cap. 112.) (Cap. 1015.) (Cap. 1098.) (Cap. 1096.) (Cap. 1044.) Instruments generally exempted. (Cap. 283.) (Cap. 101.) (Cap. 385.) (Cap. 6.) (Cap. 32.) Instruments specially exempted. Non-liability of Government or public officer for payment of stamp duty. Relief in case of certain leases etc. to Government. Relief in case of certain leases etc. of consular premises. (Cap. 259.) (Cap. 224.) (Cap. 36.) (Cap. 259.) (Cap. 224.) (Cap. 36.) Relief in case of gift to exempted institution. First Schedule. Relief in case of conveyance from one associated body corporate to another. First Schedule. Third Schedule. Instruments affecting immovable property made for new Crown lease or exchange to be exempt. Instruments confirmatory of transactions during Japanese occupation to be exempt. Allowance for spoiled stamps. Allowance for misused stamps. Allowance for unwanted adhesive stamps. Manner of making, and time for taking up, allowance. Remission of stamp duty. Liability for offences by bodies corporate. Inspection of books of account etc. Falsification. Offences relating to stamps. Power of magistrate in relation to stolen stamps. Defacement of adhesive stamps. Fraudulent practices. Punishment for offences. Limitation of time for proceedings in respect of offences. Responsibility for loss of or damage to instrument. Regulations. Second Schedule. Transitional. (Cap. 117, 1978 Ed.) (Cap. 121, 1964 Ed.)

Originally 31 of 1981. 77 of 1981. L.N. 422/81. 29 of 1984. 43 of 1984. 61 of 1984. 18 of 1985. L.N. 180/85. 39 of 1985. 44 of 1985. 21 of 1986. L.N. 190/86. L.N. 173/81. Short title. Interpretation. (Cap. 333.) (Cap. 112.) Collector of Stamp Revenue and assistant collectors. (Cap. 117, 1978 Ed.) Charging of, liability for, and recovery of stamp duty. First Schedule. First Schedule. First Schedule. First Schedule. (Cap. 32.) Methods of stamping and denoting. First Schedule. First Schedule. Cancellation of adhesive stamps. Licensing and use of franking machines. Second Schedule. Second Schedule. Second Schedule. Duplicates and counterparts. Late stamping. How instruments to be written, charged and stamped. Facts and circumstances affecting stamp duty to be set forth. Power to call for abstract and evidence. Adjudication of stamp duty by Collector. Appeal against assessment. Non-admissibility etc. of instruments not duly stamped. (Cap. 128.) Provisions relating to certain leases etc. Instrument increasing rent to be chargeable as a lease. Calculation of stamp duty as regards foreign currency. Contract notes in respect of sale and purchase of Hong Kong stock. First Schedule. First Schedule. First Schedule. First Schedule. First Schedule. First Schedule. First Schedule. Refund of stamp duty in respect of sale and purchase of units under unit trust schemes. First Schedule. Stamp duty payable where transaction in respect of Hong Kong stock does not amount to jobbing business. First Schedule. First Schedule. Passing on of dividends or interest on Hong Kong stock prohibited. Stamp duty chargeable where consideration in respect of immovable property consists of stock or security other than stock. How consideration consisting of periodical payments to be charged. Stamp duty chargeable where conveyance etc. is in consideration of debt etc. Stamp duty chargeable in case of certain conveyances. Stamp duty chargeable on contracts etc. for sale of equitable estate or interest in immovable property. Voluntary dispositions. Stamp duty chargeable in case of conveyance or transfer in contemplation of sale or subject to power of revocation etc. Certificate with respect to certain conveyances on sale. First Schedule. Commencement and interpretation of Part IV. First Schedule. First Schedule. First Schedule. Duty of trustees and managers to keep records. Numbering and preservation of certificates and instruments of transfer. Register of holders of registered units. Register of certificates to bearer. Form and period of preservation of records. Restriction on registration of transfer of units. Penalty. Interpretation of Part V. (Cap. 112.) (Cap. 1015.) (Cap. 1098.) (Cap. 1096.) (Cap. 1044.) Instruments generally exempted. (Cap. 283.) (Cap. 101.) (Cap. 385.) (Cap. 6.) (Cap. 32.) Instruments specially exempted. Non-liability of Government or public officer for payment of stamp duty. Relief in case of certain leases etc. to Government. Relief in case of certain leases etc. of consular premises. (Cap. 259.) (Cap. 224.) (Cap. 36.) (Cap. 259.) (Cap. 224.) (Cap. 36.) Relief in case of gift to exempted institution. First Schedule. Relief in case of conveyance from one associated body corporate to another. First Schedule. Third Schedule. Instruments affecting immovable property made for new Crown lease or exchange to be exempt. Instruments confirmatory of transactions during Japanese occupation to be exempt. Allowance for spoiled stamps. Allowance for misused stamps. Allowance for unwanted adhesive stamps. Manner of making, and time for taking up, allowance. Remission of stamp duty. Liability for offences by bodies corporate. Inspection of books of account etc. Falsification. Offences relating to stamps. Power of magistrate in relation to stolen stamps. Defacement of adhesive stamps. Fraudulent practices. Punishment for offences. Limitation of time for proceedings in respect of offences. Responsibility for loss of or damage to instrument. Regulations. Second Schedule. Transitional. (Cap. 117, 1978 Ed.) (Cap. 121, 1964 Ed.)

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