" (6) A conveyance or transfer made for nominal consideration for the pur pose of securing the repayment of an advance or loan or made for effectuating the appointment of a new trustee or the retirement of a trustee, whether the trust is ex pressed or implied, or under which no beneficial interest passes in the property conveyed or transferred, or made to a beneficiary by a trustee or other person in a fiduciary capa city under any trust, whether ex pressed or implied, or a disentailing assurance not limiting any new estate other than an estate in fee simple in the person disentailing the property, shall not be charged with duty under this Section, and this sub-section shall have effect not withstanding that the circumstances exempting the conveyance or trans fer from charge under this Section are not set forth in the conveyance or transfer." With regard to the stamp which is necessary upon conveyances since April, 1910, to denote that increment value duty has been paid, or that no duty was payable, see INCREMENT VALUE DUTY.
The following are the sections of the Stamp Act, 1891, referred to above :— Meaning of " Conveyance on Sale." " 54. For the purposes of this Act the expression ' conveyance on sale ' includes every instrument, and every decree or order of any court or of any commissioners, whereby any property, or any estate or interest in any property, upon the sale thereof is transferred to or vested in a pur , chaser, or any other person on his behalf or by his direction.
How ad valorem Duty to be calculated in respect of Stock and Securities.
" 55. (1) Where the consideration, or any part of the consideration, for a conveyance on sale consists of any stock or marketable security, the conveyance is to be charged with ad valorem duty in respect of the value of the stock or security.
" (2) Where the consideration, or any part of the consideration, for a convey ance on sale consists of any security not being a marketable security, the conveyance is to be charged with ad valorem duty in respect of the amount due on the day of the date thereof for principal and interest upon the security.
How Conveyance in Consideration of a Debt, etc., to be Charged.
"57. Where any property is conveyed to any person in consideration, wholly or in part, of any debt due to him, or subject either certainly or contingently to the pay ment or transfer of any money or stock, whether being or constituting a charge or incumbrance upon the property or not, the debt, money, or stock is to be deemed the whole or part, as the case may be, of the consideration in respect whereof the convey ance is chargeable with ad valorem duty.
Direction as to Duty in Certain Cases.
" 58. (3) Where there are several instru ments of conveyance for completing the purchaser's title to property sold, the principal instrument of conveyance only is to be charged with ad valorem duty, and the other instruments are to be respectively charged with such other duty as they may be liable to, but the last mentioned duty shall not exceed the ad valorem duty payable in respect of the principal instrument.
" (4) Where a person having contracted for the purchase of any property, but not having obtained a conveyance thereof, contracts to sell the same to any other person, and the pro perty is in consequence conveyed immediately to the sub-purchaser, the conveyance is to be charged with ad valorem duty in respect of the consideration moving from the sub-purchaser.
Principal Instrument, How to be Ascertained.
" 61. (1) In the cases hereinafter specified the principal instrument is to be ascertained in the following manner : "(a) Where any copyhold or cus tomary estate is conveyed by a deed, no surrender being necessary, the deed is to be deemed the principal instru ment : ' (b) In other cases of copyhold or customary estates, the sur render or grant, if made out of court, or the memoran dum thereof, and the copy of court roll of the surrender or grant, if made in court, is to be deemed the principal instrument : " (c) Where in Scotland there is a disposition or assignation executed by the seller, and any other instrument is executed for completing the title, the disposition or assignation is to be deemed the principal instrument.
' (2) In any other case the parties may determine for themselves which of several instruments is to be deemed the principal instrument, and may pay the ad valorem duty thereon accordingly...