Stamp Act · 2022 Revised Edition · Part 2
15. to be charged
Official textFrom Attorney General's Chambers, unchanged
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
property
“property” includes movable and immovable property and any estate in any property movable or immovable and any debt and anything in action and any other right or interest in the nature of property whether in possession or not;
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:
money
“money” includes all sums whether expressed in the currency of Brunei Darussalam or in any other currency;
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.
mortgage
“mortgage” means a security by way of mortgage for the payment of any definite and certain sum of money advanced or lent at the time, or previously due or forborne to be paid, being payable, or for the repayment of money to be thereafter lent, advanced or paid, or which may become due upon an account current, together with any sum Stamp already advanced or due, or without, as the case may be; and includes — (a) any conveyance of any property in trust to be sold or otherwise converted into money intended only as a security and redeemable before the sale or other disposal thereof either by express stipulation or otherwise; (b) any instrument in writing for defeating or making redeemable or explaining or qualifying any conveyance of property apparently absolute but intended only as a security; (c) any agreement for a mortgage or any agreement, contract or bond accompanied with a deposit of title deeds for making a mortgage of any property or for pledging or charging the same as a security;
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
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.
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.
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.
Terms defined in s 2
chargeable
Defined · s 2“chargeable” means, as applied to an instrument executed or first executed after the commencement of this Act, chargeable under this Act, and as applied to any other instrument chargeable under the law in force in Brunei Darussalam when such instrument was executed or, when several persons executed the instrument at different times, first executed;
money
Defined · s 2“money” includes all sums whether expressed in the currency of Brunei Darussalam or in any other currency;
mortgage
Defined · s 2“mortgage” means a security by way of mortgage for the payment of any definite and certain sum of money advanced or lent at the time, or previously due or forborne to be paid, being payable, or for the repayment of money to be thereafter lent, advanced or paid, or which may become due upon an account current, together with any sum Stamp already advanced or due, or without, as the case may be; and includes — (a) any conveyance of any property in trust to be sold or otherwise converted into money intended only as a security and redeemable before the sale or other disposal thereof either by express stipulation or otherwise; (b) any instrument in writing for defeating or making redeemable or explaining or qualifying any conveyance of property apparently absolute but intended only as a security; (c) any agreement for a mortgage or any agreement, contract or bond accompanied with a deposit of title deeds for making a mortgage of any property or for pledging or charging the same as a security;
property
Defined · s 2“property” includes movable and immovable property and any estate in any property movable or immovable and any debt and anything in action and any other right or interest in the nature of property whether in possession or not;
stock
Defined · s 2“stock” includes any share in the capital stock or funded debt of any corporation, company or society in Brunei Darussalam or elsewhere, and stocks and funds of the Government of Brunei Darussalam or any other Government;
Part
Liability of Persons to Payment of Duty
Part 4
Part
Time of Stamping Instruments
Part 6
Part
Sale of Stamps and Allowance for Spoiled Stamps
Part
Offences and Penalties
Part
Estate Duties
Part