STAMP DUTIES ACT

STAMP DUTIES ACT

ARRANGEMENT OF SECTIONS

SECTION

I. Short title.

2. Interpretation.

PA RT I

Provisions applicable to instruments generally Charge of duty upon instruments

3. Charge of duties in Schedule.

4. Stamping and collection of duties on corporate instruments.

5. Manner of denoting duty.

Appointment of commissioners

6. Commissioners of stamp duties.

7. Discontinuance and issue of dies.

8. Instruments to be separately charged with duty in certain cases.

9. Facts and circumstances affecting duty to be set forth in instrument.

10. Mode of calculating ad valorem duty in certain cases.

Use of adhesive stamps

11. Cancellation of adhesive stamps.

12. Proper time for stamping instruments.

13. Penalty for fraud in relation to adhesive stamps.

Appropriated stamps

14. Appropriated stamps.

Adjudication by a commissioner

15. As to denoting certiticate.

16. The commissioner may be required to express his opinion as to duty.

17. The commissioner may call for and refuse to proceed without evidence.

18. Persons authorised to take declarations and affidavits.

19. Effect of assessment by commissioner and payment of duty in accordance therewith.

20. Two commissioners not to adjudicate on same instrument.

21. Persons dissatisfied may appeal.

22. Terms upon which instruments not duly stamped may be received in evidence.

Stamping of instruments after execution

23. Stamping of instruments after execution.

Entries upon rolls, books and documents

SECTION

24. Certain rolls and books to be open to inspection.

25. Penalty for enrolling instrument not stamped.

Destruction of unclaimed instruments

26. Destruction of unclaimed instruments.

PART II

Regulations applicable to particular instruments Admission

27. Mode of denoting duty.

Agreements

28. Adhesive stamps may be used for agreements.

29. Certain mortgages of stock to be chargeable as agreements.

30. Hire purchase agreement to be stamped.

Appraisements

31. Definition of “appraiser”.

32. Appraisements to be written out.

Instruments of apprenticeship

33. Meaning of instrument of apprenticeship.

Bank notes, bills of exchange and promissory notes

34. Meaning of “banker” and “bank note”.

35. Bankers not to issue bank notes in Nigeria other than those of Central Bank of Nigeria.

Bills of exchange and promissory notes

36. Meaning of “bill of e xchange”.

37. Meaning of “promissory note”.

38. Statement of duty payable on promissory note containing guarantee.

39. Provisions for use of adhesive stamps on bills and notes.

40. Provisions as to stamping foreign bills and notes.

41. Provisions as to bills and notes purporting to be drawn abroad.

42. Penalty for issuing any unstamped bill or note.

43. One bill only of a set need be stamped.

Bills of lading

44. Bills of lading.

45. Bills of sale.

Bills of sale

46. Provisions as to duty on charter-party.

47. Charter-parties executed abroad.

SECTION

48. Terms upon which charter-parties may be stamped after execution.

Contract notes

49. Provisions as to contract notes.

50. Obligation to execute contract note.

51. Extension of provisions as to contract notes to sale or purchase of options.

Conveyances on sale

52. Meaning of “conveyance on sale”.

53. How ad valorem duty is to be calculated in respect of stock and securities.

54. How consideration consisting of periodical payments to be charged.

55. Conveyance on sale with further covenant.

56. How conveyance in consideration of a debt is to be charged.

57. Direction as to duty in certain cases.

58. Certain contracts to be chargeable as conveyances on sale.

59. Where interest in land transferred by sale and possession without a conveyance.

60. Provision as to sale of an annuity or right not before in existence.

61. Principal instillment, how to be ascertained.

62. Duty payable in certain cases under an Act on vesting of property.

63. Duty on gifts inter vivos.

64. Licence with a grant to enter upon land.

Conveyances on any occasion except sale or mortgage

65. What is to be deemed a conveyance on any occasion not being a sale or mortgage.

Duplicates and counterparts

66. Provision as to duplicates and counterparts.

Exchange and partition or division

67. Provisions as to exchange.

Leases

68. Agreements to be charged as lease.

69. Leases, how to be charged in respect of produce.

70. Directions as to duty in certain cases.

71. Duty on certain leases may be denoted by adhesive stamp.

Letter of allotment or renunciation, scrip certificates and scrip

72. Provisions as to letters of allotment.

73. Duty on both letter of allotment and letter of renunciation.

Letters or powers of attorney and voting papers

74. Provisions as to proxies and voting papers.

75. Power by more than one person or to more than one person to count as one power.

Marketable securities

SECTION

76. Meaning of “marketable securities”.

77. Meaning of marketable security transferable on delivery and instrument to bearer.

78. Marketable security transferable on delivery to be stamped on execution.

79. Duty reduced in case of short-term marketable securities.

Mortgages

80. Meaning of “mortgage” and “equitable mortgage”.

81. Direction as to duty in certain cases.

82. Security for future advances, how to be charged.

Notarial acts

83. Duty on notarial acts may be denoted by adhesive stamps.

Policies of insurance

84. Interpretation.

85. Stamp on policy of insurance against accident and sickness.

86. Duty on policy of marine insurance.

87. Penalty for not making out policy of insurance or making any policy not stamped.

88. Assignment of policy of life assurance to be stamped before payment of money assured.

Receipts

89. Provisions as to duty upon receipts.

90. Certain forms of receipts not dutiable.

91. Terms upon which receipts may be stamped after execution and used in evidence un- stamped.

92. Penalty for offences in reference to receipts.

Settlements

93. Provisions as to settlement of policy or security.

94. Settlements; when not to be charged as securities.

95. Where several instruments, one only to be charged with ad valorem duty.

Share warrants

96. Penalty for issuing share warrant not duly stamped.

Stock certificates to bearer

97. Meaning of stock certificate to bearer.

98. Penalty for neglecting to cancel stock certificate upon registration.

Warrant for goods

99. Meaning and provisions as to warrants for goods.

SECTION

PART llI

Supplemental

Duty on capital of companies

100. Charge of duty on capital of limited liability companies.

101. Charge of duty on capital of companies with limited liability otherwise than under Cap. C20.

102. Duty on loan capital.

Definition of “loan capital”.

103. Reduction of duty on loan capital issued for the purpose of the conversion or consolidation of existing capital.

104. Relief from capital and transfer duty in case of reconstructions or amalgamation of compa- nies. .

Definitions.

105. Relief from transfer duty in case of transfer of property as between associated companies.

Miscellaneous

106. Innocent person suffering loss may recover against guilty person.

107. Power to make regulations for compounding duty.

108. Conditions and agreements as to duty void.

109. Provision for remission of duty in certain cases.

110. Duty and debts recoverable with lines and penalties.

111. Duties and fines may be recovered summarily.

112. Fixed penalties.

113. Power to mitigate fines and stay proceedings.

114. Fines and penalties recoverable within five years.

I 15. Power to make regulations relating to stamp duties.

116. Schedule may be varied by resolution and order.

117. Certain temporary occupation licences not liable to duty under Cap. 126 of the 1923 edi- tion.

I 18. Repeal of Cap. 126 of the 1923 edition and amending Act.