¶400-630 Transfer on sale: consideration in stocks or securities: introduction
Where consideration takes the form of stocks or marketable securities, SA 1891, s. 6 provides that ad valorem duty is calculated on the value of the stock according to its average price on the day of the date of the instrument (SA 1891, s. 6(1)).
If the instrument contains a statement of the average price, and is stamped in accordance with that statement, the instrument is deemed to have been duly stamped, unless or until it is shown that the statement is untrue and that the instrument is insufficiently stamped (SA 1891, s. 6(2)).
Want to read more?
This content requires a Croner-i Tax and Accounting subscription.