10Stamp duty on statutory transfer of assets etc

10 Stamp duty on statutory transfer of assets etc

10 Stamp duty on statutory transfer of assets etc

(1) The Minister must not make an order under section 9 unless satisfied that arrangements have been made for the payment to the Crown of the amount of stamp duty forgone.

(2) The amount of stamp duty forgone is the amount of stamp duty that would have been payable if the assets transferred by the order had been transferred by instrument in writing executed by the parties to the transfer instead of by the operation of section 9.

(3) Any order under section 9 or any instrument executed only for:

(a) a purpose ancillary to or consequential on the operation of that section, or

(b) the purpose of giving effect to that section,

is not chargeable with stamp duty.