Hong Kong Ordinances

STAMP DUTY ORDINANCE - SECT 19A

Refund of stamp duty in respect of sale and purchase of units under unit trust schemes

(Past version on 30/06/1997).

(1) Where stamp duty is paid under head 2(1) in the First Schedule in respect
of a sale or purchase of a unit under a unit trust scheme effected by the
managers under such scheme, the stamp duty shall be refunded to the managers
upon application to the Collector under subsection (2) if the managers and
trustees under such scheme, before the expiration of 2 months from the date on
which the sale or purchase is effected, jointly certify that-

   (a)  the certificate, if any, in respect of the unit has been cancelled;

   (b)  as a consequence of the sale or purchase, a proportionate part of the
        trust property has been realized, and the trust property diminished
        accordingly; and

   (c)  the unit is extinguished and the managers have no power to transfer
        any other unit in lieu thereof.

(2) On an application for a refund of stamp duty under this section, the
applicant shall produce to the Collector the contract notes in respect of
which the stamp duty was paid or, where applicable, the stamp certificates
issued in respect of the contract notes, and the joint certificate of the
managers and trustees referred to in subsection (1). (Amended 21 of 2003 s.
12)

(3) In this section "trust property" (信託財產) has the meaning assigned
to it by section 30. (Added 77 of 1981 s. 6)

"trust property" (信託財產)