Regulation 9
Refund of stamp duty paid
of Stamp Duties (Relief from Stamp Duty upon Reconstruction or Amalgamation of Companies) Rules
Notwithstanding rule 3(1)(a), if, in the case of any scheme of reconstruction or amalgamation, the Commissioner is satisfied that a claim for relief under section 15(1) of the Act could have been made but for the fact that less than 90% of the reckonable share capital of the particular existing company was acquired by the transferee company, the Commissioner may make a refund of the amount of ad valorem duty that would not have been chargeable under section 15(1) of the Act if rule 3(1)(a) had been originally fulfilled —
where it is proved to the satisfaction of the Commissioner that not less than 90% of the reckonable share capital of the particular existing company has under the scheme been acquired within a period of 6 months from the earlier of the following 2 dates:
the last day of the period of one month after the first allotment of shares made for the purposes of the acquisition; or
the date on which an invitation was issued to the shareholders of the existing company to accept shares in the transferee company; and
on production to the Commissioner of the instrument on which the ad valorem duty has been paid.