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Remission of duty on aborted agreements

Stamp Duties (Agreements for Sale of Equity Interests) (Remission) Rules 2018

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—(1) This rule applies to a contract or agreement for the sale of equity interests in an entity executed on or after 11 March 2017, where —(a)the contract or agreement is rescinded or annulled; and(b)the purchaser did not procure the rescission or annulment with a view to facilitating the disposition of the equity interests by the vendor to another person.(2) Subject to rules 2 and 3, the amount in excess of $50 of each of the following duties that is chargeable on the contract or agreement is remitted:(a)the duty chargeable under Article 3(c) of the First Schedule to the Act by reason of section 22(1) of the Act;(b)the duty chargeable under section 23 (read with section 23B) of the Act.(3) Paragraph (2) only applies if —(a)the person who paid or is liable to pay the duty provides such evidence of the rescission or annulment as may be required by the Commissioner —(i)within 6 months starting on the date of the rescission or annulment; or(ii)within such longer period as the Commissioner considers reasonable, if the evidence cannot be provided within the period in sub‑paragraph (i) because of unavoidable circumstances; and(b)the contract or agreement is surrendered for cancellation within the period mentioned in sub‑paragraph (a), unless the Commissioner dispenses with the surrender in a particular case or the instrument has already been surrendered for cancellation in relation to an earlier remission under this rule.(4) In this rule, “entity” and “equity interest”, in relation to an entity, have the meanings given by section 23(21) of the Act.

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