Stamp Act · s 15

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15.
to be charged
When any property is transferred to any person in consideration, wholly or in part, of any debt due to him or subject either certainly or contingently to the payment or transfer of any money or stock or other property whether being or constituting a charge or incumbrance upon the

Stamp property or not, such debt, money, stock or other property is to be deemed the whole or part, as the case may be, of the consideration in respect whereof the transfer is chargeable with ad valorem duty:
Explanation — In the case of a sale of property subject to a mortgage or other incumbrance, any unpaid mortgage money or money charged, together with the interest (if any), due on the same is deemed to be part of the consideration for the sale.
Provided that when property subject to a mortgage is transferred to a mortgagee, he shall be entitled to deduct from the duty payable on the transfer the amount of any duty already paid in respect of the mortgage.
Illustrations
(1)
A owes B $1,000.  A sells a property to B, the consideration being $500 and the release of the previous debt of $1,000. Stamp duty is payable on $1,500.
(2)
A sells a property to B for $500 which is subject to a mortgage to C for
$1,000 and unpaid interest $200. Stamp duty is payable on $1,700.
(3)
A mortgages a house of the value of $10,000 to B for $5,000. B afterwards buys the house from A. Stamp duty is payable on $10,000 less the amount of stamp duty already paid on the mortgage.

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s 15to be charged

When any property is transferred to any person in consideration, wholly or in part, of any debt due to him or subject either certainly or contingently to the payment or transfer of any money or stock or other property whether being or constituting a charge or incumbrance upon the

Explanation — In the case of a sale of property subject to a mortgage or other incumbrance, any unpaid mortgage money or money charged, together with the interest (if any), due on the same is deemed to be part of the consideration for the sale.

Provided that when property subject to a mortgage is transferred to a mortgagee, he shall be entitled to deduct from the duty payable on the transfer the amount of any duty already paid in respect of the mortgage.

Illustrations

(1)

A owes B $1,000. A sells a property to B, the consideration being $500 and the release of the previous debt of $1,000. Stamp duty is payable on $1,500.

(2)

A sells a property to B for $500 which is subject to a mortgage to C for

$1,000 and unpaid interest $200. Stamp duty is payable on $1,700.

(3)

A mortgages a house of the value of $10,000 to B for $5,000. B afterwards buys the house from A. Stamp duty is payable on $10,000 less the amount of stamp duty already paid on the mortgage.