|117||Title:||STAMP DUTY ORDINANCE||Gazette Number:|
|Section:||24||Heading:||Stamp duty chargeable where conveyance etc. is in consideration of debt etc.||Version Date:||30/06/1997|
(1) In the case of a conveyance on sale or any transaction whereby a beneficial interest in Hong Kong stock passes, where the conveyance or transaction is in consideration, wholly or in part, of any debt due to the transferee or is subject either certainly or contingently to the payment or transfer of any money or stock, whether or not being or constituting a charge or incumbrance upon the property or interest so conveyed or passing, the debt, money or stock is to be deemed the whole or part, as the case may be, of the consideration by reference to which the conveyance or contract note is chargeable with stamp duty.
(2) Where a conveyance on sale or transaction whereby a beneficial interest in any Hong Kong stock passes is in consideration wholly or in part of any debt due to the transferee and, apart from this subsection, the consideration by reference to which the conveyance or contract note would be chargeable with stamp duty would exceed the value of the property conveyed or beneficial interest passing, that consideration shall be treated as reduced to that value; and the conveyance or contract note shall not be duly stamped unless it is stamped under section 13(3).
(3) Where, by virtue of or in connection with any transaction referred to in subsection (1) whereby a beneficial interest in any shares in a body corporate passes, any liability is incurred by the transferee in respect of any indebtedness of the body corporate, the transaction shall, in addition to any other payment of money or transfer of shares to which it is subject, be deemed to be subject to the payment of an amount of money equal to the amount of such indebtedness.