Hong Kong Ordinances

STAMP DUTY ORDINANCE - SECT 26

Stamp duty chargeable on contracts, etc. for sale of equitable estate or interest in immovable property

(Past version on 30/06/1997).

(1) Any contract or agreement for the sale of any equitable estate or interest
in any immovable property shall be chargeable with stamp duty as if it were an
actual conveyance on sale of the estate or interest.

(2) Where stamp duty has been paid under subsection (1) and the purchaser,
before having obtained a conveyance of the property, enters into a contract or
agreement for the sale thereof, the contract or agreement shall be charged, if
the consideration for that sale is in excess of the consideration for the
original sale, with the stamp duty chargeable by reference to such excess
consideration, but shall not otherwise be chargeable.

(3) Where stamp duty has been duly paid under subsection (1) or

(2), the conveyance made to the purchaser or sub-purchaser, or any other
person on his behalf or by his direction, shall not be chargeable with any
stamp duty, and the Collector shall, upon application and production of the
contract or agreement, or contracts or agreements, duly stamped, denote upon
the conveyance, or issue a stamp certificate denoting, the payment of the
stamp duty. (Amended 21 of 2003 s. 13)

(4) Where a conveyance made in conformity with a contract or agreement
referred to in subsection (1) or (2) which has not been stamped is presented
to the Collector for stamping within 6 months after the execution of the
contract or agreement or such longer period as the Collector may think
reasonable in the circumstances of the case, or an application for stamping is
made to the Collector under section 18F in respect of the conveyance within
that period or that longer period, the conveyance shall be stamped
accordingly, and the contract or agreement shall thereupon cease to be
chargeable with any stamp duty. (Amended 21 of 2003 s. 13)

(5) Where any contract or agreement referred to in subsection (1) or (2) is
rescinded or annulled, any stamp duty paid in respect thereof shall be
returned by the Collector.