50BRefund of duty where land transferred by way of mortgage is re‑transferred

#### 50B Refund of duty where land transferred by way of mortgage is re‑transferred (1) Subject to subsection (2), where: (a) duty has been paid on a transfer, or an agreement for a transfer, by which an estate or interest in land is or is to be transmitted under the Real Property Ordinance by way of mortgage; (b) in the case of an agreement for a transfer—the estate or interest has been transferred pursuant to the agreement; (c) the estate or interest has been: (i) re‑transferred to the mortgagor; or (ii) transferred to a person (in this section referred to as the mortgagor’s successor) to whom the equity of redemption has been transmitted consequent on the death, bankruptcy or insolvency of the mortgagor; and (d) the mortgagor or the mortgagor’s successor, as the case may be, becomes the registered proprietor, within the meaning of the Real Property Ordinance, of the estate or interest; the Commissioner shall refund to the person by whom the duty was paid an amount equal to the difference between the amount of duty so paid and the amount of duty that would have been payable on that transfer, or agreement for a transfer, if it had been a loan security. (2) A person is not entitled to a refund under subsection (1) unless the person gives to the Commissioner, within 12 months after the mortgagor or the mortgagor’s successor becomes the registered proprietor as mentioned in paragraph (1)(d), an application in accordance with an approved form, together with such information as the Commissioner requires to enable the Commissioner to determine the amount of the refund. (3) Nothing in this section shall be taken as derogating from the operation of subsection 51(1) of the Real Property Ordinance.