Finance Act, 1955
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Credit-sale agreements. |
17.—As respects any credit-sale agreement within the meaning of the Hire-Purchase Act, 1946 (No. 16 of 1946), or any instrument (other than such a credit-sale agreement) which is an agreement, or a memorandum of an agreement, made for or relating to the sale of any goods, wares or merchandise— | |
(a) whether under hand only or under seal, stamp duty under the heading “Bond, Covenant or Instrument” in the First Schedule to the Stamp Act, 1891, shall not be chargeable thereon, and | ||
(b) in a case in which stamp duty as aforesaid would be chargeable thereon but for paragraph (a) of this section— | ||
(i) if under hand only, the exemption numbered (3) under the heading “Agreement or any Memorandum of an Agreement” in the said First Schedule shall not apply thereto and stamp duty under that heading shall be charged thereon, and | ||
(ii) if under seal, stamp duty under the heading “Deed of any kind whatsoever, not described in this schedule” in the said First Schedule shall be chargeable thereon. |