Stamp Duties Consolidation Act, 1999

In short

This law, the Stamp Duties Consolidation Act, 1999, is about the charging, collection, and enforcement of stamp duty on various legal documents and transactions. It consolidates previous laws relating to stamp duties into one comprehensive act.

What it regulates

• The charging of stamp duty on legal instruments.
• The methods for paying stamp duties, including the use of adhesive stamps.
• The valuation of property for stamp duty purposes.
• Specific rules for different types of instruments, such as bills of exchange, conveyances, leases, and mortgages.

Who it concerns

• Individuals and entities involved in transactions requiring legal instruments, such as property transfers, leases, and certain financial agreements.
• The Commissioners, who are responsible for assessing and collecting stamp duty.

Key points

• Stamp duty is charged on instruments, and there are provisions for liability and recovery of this duty.
• Instruments must be properly written and stamped, with penalties for stamping after execution.
• The law details how to calculate ad valorem duty in various cases, including for stock and securities.
• It includes numerous exemptions and reliefs from stamp duty for specific types of instruments and transactions.