Act Repealed Latest version as at 18 November 1964 (as enacted) | 1964 No 73

Stamp Duties Amendment Act 1964

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Contents

Short Title and commencement

Reduction of duty on first conveyance of share in new multiple dwellinghouse

Stamping of transfers of small lots of shares by sharebrokers

Stamp Duties Amendment Act 1964

Public Act		1964 No 73
Date of assent		18 November 1964

	Title
1	Short Title and commencement
2	Reduction of duty on first conveyance of share in new multiple dwellinghouse
3	Stamping of transfers of small lots of shares by sharebrokers
	Administrative information

An Act to amend the Stamp Duties Act 1954

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

1 Short Title and commencement

This Act may be cited as the Stamp Duties Amendment Act 1964, and shall be read together with and deemed part of the Stamp Duties Act 1954 (hereinafter referred to as the principal Act).

2 Reduction of duty on first conveyance of share in new multiple dwellinghouse

(1)

The principal Act is hereby amended by inserting, after section 77a (as inserted by section 2 of the Stamp Duties Amendment Act 1955), the following section:

“77b

“(1)

In this section—

“‘Date of the sale’, in relation to any sale, means the date of the execution of the instrument or earliest instrument of agreement of sale or, where there is no instrument of agreement of sale, means the date of the execution of the instrument of conveyance:

“‘Multiple dwellinghouse’ means a building or buildings erected solely as separate residences for each of two or more families, and includes a multiple dwellinghouse together with any appurtenances belonging thereto or usually enjoyed therewith.

“(2)

Where an undivided share in land on which a multiple dwellinghouse has been erected, or in land together with the right to require the whole or part of a multiple dwelling-house to be erected thereon, is conveyed for valuable consideration, the conveyance duty otherwise payable on the instrument of conveyance (after making any deduction that may be required by section 77 of this Act) shall, where necessary, be reduced so as not to exceed the conveyance duty computed on the unimproved value of that share, if the Commissioner or a District Commissioner is satisfied—

“(a)

That the conveyance is accompanied by an agreement which gives to the purchaser a right of exclusive use and occupation of one of the separate residences in the multiple dwellinghouse and not of the other or others of them; and

“(b)

That the separate residence (if erected) has not been lived in before the date of the sale; and

“(c)

That a concession under this section or under section 77a or section 107a of this Act has not previously been granted in respect of that residence or the right to require that residence to be erected; and

“(d)

That apart from the multiple dwellinghouse, whether erected or partially erected, no other substantial improvements have been erected on or made to the land.”

(2)

Section 33a of the principal Act (as inserted by section 2 of the Stamp Duties Amendment Act 1960) is hereby amended by inserting, after the words “section 77a” in subsection (2), the words “section 77b”.

(3)

This section shall be deemed to have come into force on the first day of December, nineteen hundred and sixty-three, and shall apply only where the date of the sale is that date or any later date.

3 Stamping of transfers of small lots of shares by sharebrokers

The principal Act is hereby amended by inserting, after section 66, the following section:

“66a.

Where shares are purchased through the agency of a sharebroker for full consideration of a value not exceeding twenty pounds, the instrument of transfer of those shares may either be presented for stamping by the Inland Revenue Department in accordance with Part II of this Act or be stamped with an adhesive stamp to be cancelled by that sharebroker or any of his employees within three months after and exclusive of the date of its execution.”

This Act is administered in the Inland Revenue Department.

Stamp Duties Amendment Act 1964