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ASSESSMENT OF STAMP DUTY

Judgment was delivered by the Chief Justice (Sir Itobert Stout) in the Bupreme Court in Chambers on Saturday morning in the case Thomas Mason Chambers, appellant. and the Minister of Stamp Duties, respondent, a case stated, lly, Memorandum of Mortgage,. dated October 10. 1918. Woodford House, Ltd., mortgaged to the Public Trustee certain land to secure £14,000, and the document was duly stamped with the sum of £55, beine the ad valorem stamp duty under scction 77 of the Finance Act. 1915. By Memorandum of Mortgage of same date, the appellant executed an instrument in favour of tho Public Trustee by way of eub-mortgagc, whereby he covenanted with the Public Trustee that Woodford House, Ltd.. would pay all moneys secured by the mortgage, and for the better securing of the nayments mortgaged to the Public Trustee his estate and interest as mortfraeee in certain land. The appellant <lld not receive any portion of the £14,000 lent to Woodford House. Ltd. The sub-mortgage executed by appellant was, by the Commissioner of Stamp Duties, assessed with ad valorem duty on tho sum of £14,000 in accordance with section 77 of tho Finance Act, 1915. The appellant appealed against this assessment. His Honour,held that the appeal should be allowed with £10'.10s. costs, that the document executed by the appellant was a collateral mortgage, and was therefore subject to 12s. 6d. stamp duty in placei of the ad valorem assessment.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19200920.2.67

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 13, Issue 306, 20 September 1920, Page 6

Word count
Tapeke kupu
240

ASSESSMENT OF STAMP DUTY Dominion, Volume 13, Issue 306, 20 September 1920, Page 6

ASSESSMENT OF STAMP DUTY Dominion, Volume 13, Issue 306, 20 September 1920, Page 6

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