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Conditions for remission

Stamp Duties (Islamic Debt Securities Arrangements) (Remission) Rules 2009

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The conditions for the remission referred to in rule 3 are as follows:(a)the instrument relating to the acquisition of the immovable property or interest therein, as the case may be, by the special purpose vehicle under the approved Islamic debt securities arrangement is executed on or after 17th February 2006;(b)the acquisition by the special purpose vehicle, and the re-acquisition by the originator, of the immovable property or interest therein, as the case may be, under the approved Islamic debt securities arrangement, are at the same price;(c)the price referred to in paragraph (b) is the value of the Islamic debt securities issued by the special purpose vehicle to fund its acquisition of the immovable property or interest therein, as the case may be, from the originator, which value shall be determined on or before the commencement of the arrangement; and(d)where the Islamic debt securities are qualifying debt securities, less than 50% of the Islamic debt securities issued is beneficially held or funded, directly or indirectly, at any time during the term of the debt securities, by the originator or by related parties of the originator.

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