Cap. 117 《印花稅條例》Stamp Duty Ordinance

In this Ordinance, unless the context otherwise requires—

Where it is provided in any other Ordinance that stamp duty shall not be payable in respect of any instrument, such instrument shall not be chargeable with stamp duty under this Ordinance.

Where it is provided in this Ordinance that an instrument shall not be duly stamped unless any condition specified in that provision is fulfilled, the fulfilment of that condition shall not affect the application to that instrument of any other such provision of this Ordinance whereby any other condition is required to be fulfilled in respect of that instrument.

If this Ordinance provides for a penalty for a contravention of this Ordinance or an act by reference to a level, the penalty applicable for the contravention or the act is the amount equal to the amount of fine shown for that level in Schedule 8 to the Criminal Procedure Ordinance (Cap. 221). (Added 10 of 2013 s. 24)

For the purposes of this Ordinance—

There shall be a Collector of Stamp Revenue who shall be appointed by the Chief Executive, and such number of assistant collectors as the Chief Executive may appoint for the purposes of this Ordinance. (Amended 12 of 1999 s. 3)

The office of the Collector shall be at such place as the Collector may determine.

A reference in any provision in this Ordinance to the Collector shall, in relation to the exercise of any function conferred by that provision on the Collector, include a reference to any assistant collector who is for the time being authorized in writing by the Collector to exercise such function.

Any person appointed under section 2 of the Stamp Ordinance (Cap. 117 1978 Ed.) as Collector of Stamp Revenue or assistant collector and holding such office immediately before the commencement of this Ordinance shall be deemed to be appointed under this section as Collector of Stamp Revenue or assistant collector, as the case may be.

Subject to this Ordinance, every instrument, wherever executed, specified in the First Schedule shall be chargeable with the stamp duty specified in respect thereof in that Schedule, and the headings, notes and explanations in that Schedule shall have effect accordingly.

Subject to this Ordinance, the time for stamping any instrument shall be the point of time or, as the case may be, the period of time specified in respect thereof in the First Schedule; and where it is provided in that Schedule that the point of time for stamping any instrument is to be before execution, such provision shall not be construed as prohibiting the stamping of such instrument after execution.

If any instrument chargeable with any stamp duty (other than buyer’s stamp duty) is not duly stamped in respect of that duty, the person or persons respectively specified in section 13(10) or 19 or the First Schedule as being liable for stamping such instrument with that duty, and any person who uses such instrument, shall be liable, or jointly and severally liable, as the case may be, civilly to the Collector for the payment of the stamp duty and any penalty payable under section 9, 45(5A)(d) or 47H(3), and may be proceeded against without reference to any civil liability of such person inter se for the payment thereof. (Amended 10 of 2013 s. 25; 2 of 2014 s. 4; 33 of 2024 s. 3)

If any instrument chargeable with buyer’s stamp duty is not duly stamped in respect of that duty, the person or persons respectively specified in section 13(10) or the First Schedule as being liable for stamping the instrument with that duty—

A contract note which is stamped in accordance with section 5(2A) shall, if the amount of the stamp duty imprinted on the note has not been paid to the Collector in the manner provided by an agreement entered into under section 5A, be deemed for the purposes of subsection (3) to be an instrument chargeable with stamp duty which is not duly stamped. (Added 85 of 1991 s. 3)

If a contract note is not made and executed as required by section 19(1), the person specified in the First Schedule as being liable for stamping such note shall be liable civilly to the Collector for the payment of the stamp duty chargeable thereon and any penalty payable under section 9.

No action shall be brought by virtue of subsection (3), (3AA) or (4) or section 45(5A)(c) for the recovery of any stamp duty with respect to any instrument more than 6 years from the expiration of the time for stamping such instrument. (Amended 43 of 1991 s. 3; 2 of 2014 s. 4)

No action may be brought because of section 47H(2)(b) for the recovery of any stamp duty with respect to an instrument more than 6 years after the later of the following—

For the purposes of subsection (5A), an arrangement is the material arrangement in relation to an instrument if relief has been granted under section 47F or 47G for the instrument on the basis that the arrangement is a qualified investment arrangement in a specified alternative bond scheme. (Added 10 of 2013 s. 25)

No action may be brought because of section 29DV for the recovery of the specified amount mentioned in that section more than 6 years after the day on which the liability in respect of the specified amount ceases to be suspended under section 29DN(5)(a) or 29DO(8)(a). (Added L.N. 148 of 2023 and 3 of 2024 s. 4)

Notwithstanding anything in this section, the Collector may agree to accept payment of any stamp duty or penalty by instalments.

The return required by section 45(2) of the relevant Ordinance, or by section 142(1) of the Companies Ordinance (Cap. 622), to be delivered to the Registrar of Companies for registration in respect of any contract referred to in section 4(7A)(a) or (b), as the case may be, which is not reduced to writing shall be chargeable with the same stamp duty as would have been payable if the contract had been reduced to writing, and subsections (2), (3), (5) and (6) of this section shall apply to the return as they apply to any such contract in writing. (Amended 28 of 2003 s. 128; 28 of 2012 ss. 912 & 920)

The contract referred to in subsection (7) is—

Where, after the commencement of this Ordinance, any immovable property or Hong Kong stock is transferred to or vested in any person by virtue of any Ordinance, whether commencing before or after this Ordinance, such person shall within 30 days after the commencement of the Ordinance or the date of vesting, whichever is the later, cause an authentic copy of the Ordinance (including any subsidiary legislation giving effect to the vesting) to be stamped with the stamp duty chargeable on a conveyance or transfer of immovable property or Hong Kong stock as the case may be; and such person shall, for the purposes of subsection (3), be the person liable for stamping with respect to such copy.

Subject to this section and section 9, where an instrument chargeable with stamp duty is presented to the Collector for stamping, the Collector may, upon payment of the stamp duty—

A stamp certificate shall not be issued under subsection (1)(b) in respect of the instrument notwithstanding that it is an instrument to which Part IIA applies if, at the time when the instrument is presented to the Collector, it is accompanied by a written request to the Collector for stamping it in the manner as provided in subsection (1)(a). (Added 21 of 2003 s. 3)

Any instrument chargeable with stamp duty under head 2(1) in the First Schedule may be stamped by means of an adhesive stamp by any person authorized in that behalf by the Collector who purchases such stamp at the office of the Collector.

Notwithstanding subsection (2), a contract note to which an agreement under section 5A relates may be stamped by any person authorized in that behalf by the Collector by imprinting in such manner as the Collector may think fit on the contract note—

Subject to section 4(3A), a contract note stamped in accordance with subsection (2A) shall be treated as duly stamped with the amount of the stamp duty imprinted thereon, and within the time for stamping such note. (Added 85 of 1991 s. 4)

Any person who with intent to defraud the Government—

commits an offence. (Replaced L.N. 90 of 1999 and 44 of 1999 s. 14)

Adhesive stamps used for the purposes of subsection (2) shall be of such kinds and in such denominations as the Collector may determine.

Subject to section 7, any instrument chargeable with stamp duty under head 2(4) in the First Schedule may be stamped by means of a franking machine by any person to whom a licence in respect of such machine is issued under that section.

In respect of any Hong Kong bearer instrument, the following shall apply—

and if default is made in complying with paragraph (a) or (b) in respect of such instrument, or if any particulars so produced or delivered in respect of such instrument are false in any material respect, the person or persons respectively specified in head 3 in the First Schedule as being liable for stamping such instrument shall incur a penalty of 10 times the amount of the stamp duty chargeable on such instrument which shall be recoverable by the Collector as a civil debt due to the Government. (Amended 12 of 1999 s. 3)

Where the stamp duty chargeable on an instrument depends in any manner upon the stamp duty paid in respect of another instrument, the payment of the last-mentioned stamp duty shall, upon application to the Collector and production of evidence to his satisfaction that such duty has been paid, be denoted upon the first-mentioned instrument or the stamp certificate issued in respect of the first-mentioned instrument in such manner as the Collector thinks fit. (Amended 21 of 2003 s. 3)

If an instrument is presented to the Collector for stamping and the Collector, acting under section 12, requires to be furnished with an abstract of the instrument or with some evidence, then unless such an abstract or that evidence is furnished as required the Collector—

The Collector may enter into an agreement with a recognized exchange company or an authorized ATS provider for the collection, in accordance with the provisions of this Ordinance and such agreement, of the stamp duty chargeable under head 2(1) in the First Schedule on such contract notes as may be specified in the agreement.

An agreement under this section shall provide—

and any such agreement may contain such other terms and conditions as the Collector thinks fit.

If default is made in delivering any account required by an agreement under this section, or in paying any amount in accordance with such an agreement, the recognized exchange company or authorized ATS provider shall be liable to penalty of $5,000 for each day during which the default continues, and, in addition, every amount payable under such an agreement shall bear interest at the rate of 3 cents per $100 or part thereof per day, from the due date for delivery of the account by reference to which it is payable until the actual date of payment. (Amended 70 of 1994 s. 2)

The penalty and interest under subsection (3) shall be recoverable as a civil debt due to the Government. (Amended 12 of 1999 s. 3)

Every adhesive stamp used to denote the payment of stamp duty under section 5(2) shall be cancelled forthwith by the person affixing it in such manner as to render it incapable of being used again for any revenue purpose.

An instrument stamped by means of an adhesive stamp shall not be duly stamped unless the adhesive stamp is cancelled as required by subsection (1).

The Collector may issue a licence to any person in the form in Part 1 of the Second Schedule authorizing such person to use a franking machine for the purpose of stamping any instrument under section 5(4).

No person shall use a franking machine for the purpose of stamping any instrument under section 5(4)—

The general provisions in Part 2 of the Second Schedule shall have effect in relation to every licence and licensed franking machine.

No person other than the Collector or an authorized officer shall break or in any way interfere with any seal affixed to a licensed franking machine for the purposes of this section by the Collector or an authorized officer.

The Collector may cancel a licence at any time if there are reasonable grounds for believing that—

Any person who contravenes subsection (2) or (4) commits an offence.

Whenever in any prosecution for an offence against subsection (2) it is proved that the accused had in his possession a franking machine, it shall be presumed unless the contrary is proved that such machine was used for the purpose of stamping an instrument under section 5(4).

Any franking machine in respect of which an offence is committed against subsection (2) shall, upon application by the Collector to a magistrate, be forfeited whether or not any person is convicted in respect of such offence.

In this section—

Except in the case of an instrument to which section 5(5) or 13(7)(a) applies, any instrument chargeable with stamp duty which is not stamped before or within the time for stamping such instrument shall not be stamped except by the Collector upon payment of the stamp duty and a penalty of whichever of the following amounts applies— (Amended 77 of 1981 s. 4)

The Collector may remit the whole or any part of any penalty payable under subsection (1).

The payment or remission of a penalty payable under this section in respect of any instrument may be denoted thereon by the Collector in such manner as he thinks fit.

Every instrument chargeable with stamp duty shall be so written that the stamp may appear on the face of the instrument and cannot be used for or applied to any other instrument.

Every instrument chargeable with stamp duty containing or relating to several distinct matters shall be separately and distinctly charged, as if it were a separate instrument, with stamp duty in respect of each of the matters.

Every instrument chargeable with stamp duty shall be separately and distinctly stamped with the stamp duty chargeable thereon.

Subject to section 16(1), an instrument made for any consideration by reference to which it is chargeable with stamp duty, and also for any further or other valuable consideration or considerations, shall be separately and distinctly charged, as if it were a separate instrument, with stamp duty in respect of each of the considerations.

All the facts and circumstances affecting the liability of any instrument to stamp duty, or the amount of the stamp duty chargeable on an instrument, are to be fully and truly set forth in the instrument.

Any person who with intent to defraud the Government—

commits an offence.

The Collector may, before the commencement of criminal proceedings, compound any offence against subsection (2).

Where any of the facts and circumstances affecting the liability of any instrument to stamp duty, or the amount of the stamp duty chargeable on an instrument, are not fully and truly set forth in the instrument in accordance with subsection (1), the Collector may—

In respect of any executed instrument, the Collector may, and shall if he is required by any person upon payment, subject to subsection (1B), of the adjudication fee to do so, express his opinion with reference to such instrument upon the following questions— (Amended 5 of 2000 s. 3)

The Financial Secretary may by order amend the Fifth Schedule. (Added 5 of 2000 s. 3)

The adjudication fee shall not be payable in respect of an instrument where it is provided for under section 24(2), 27(3), 29F(2), 29H(3), 44(3), 45(3) or 47I or under Note 4 to head 1(1) or Note 3 to head 2(3) in the First Schedule that the instrument shall not be duly stamped unless it is stamped under subsection (3). (Added 5 of 2000 s. 3. Amended 10 of 2013 s. 26)

Where any person has paid the adjudication fee in respect of an instrument to which subsection (1B) applies, the Collector may cancel the stamp or the stamp certificate denoting payment of the fee and refund the fee if— (Amended 21 of 2003 s. 5)

Any instrument in respect of which—

If the Collector is of opinion that the instrument—

Subject to this section, an instrument upon which the stamp duty has been assessed by the Collector shall not, if it is not stamped or is insufficiently stamped, be stamped otherwise than in accordance with the assessment; and in the case of any instrument which in the opinion of the Collector is not chargeable with stamp duty, such instrument shall not be stamped under subsection (3)(a) unless it is stamped under subsection (2) or section 40 applies. (Amended 5 of 2000 s. 3)

Section 12 shall apply in relation to an instrument in respect of which the Collector intends or is required to express his opinion under subsection (1) as it applies to an instrument presented to him for stamping, and where the Collector requires a statutory declaration to be made for the purposes of this section—

Every instrument stamped under this section with a stamp or by way of a stamp certificate denoting that it is not chargeable with stamp duty or that it is duly stamped shall be admissible in evidence and available for all purposes notwithstanding any objection relating to stamp duty. (Amended 21 of 2003 s. 5)

Where in respect of any instrument which is not stamped the Collector is required by any person under this section before or within the time for stamping such instrument to express his opinion under subsection (1) and such instrument is in the opinion of the Collector chargeable with stamp duty, the instrument—

Where notice of an assessment of the stamp duty chargeable on any instrument is, within 7 days from the date on which the assessment is made, served by post on any person who required the Collector to express his opinion with reference thereto under subsection (1) or who is liable for stamping such instrument, such assessment shall, after the expiration of a period of 1 month from that date, be final and conclusive for all purposes as against such person except if and to the extent that an appeal made against it under section 14 succeeds. (Amended 36 of 1994 s. 2)

If, within a period of 1 month from the date on which an assessment is made of the stamp duty chargeable on any instrument, it appears to the Collector that the amount of the stamp duty so assessed is excessive, he may cancel such assessment and make such other assessment in substitution therefor as he may deem proper; and any reference in this Ordinance to an assessment shall be construed as including a reference to an assessment as so substituted.

Where the payment of stamp duty is denoted on any instrument chargeable with stamp duty or on any stamp certificate issued for the instrument, in respect of which the Collector expresses or is required to express his opinion under subsection (1) and the amount of the payment so denoted is less than the amount assessed by the Collector, then, without prejudice to the liability of any person for the payment of the difference between the amount of the stamp duty so denoted and the assessment, the instrument shall be chargeable, unless it is stamped in respect of the difference not later than 1 month from the date on which the assessment is made, with additional stamp duty of an amount equal to interest on the amount of the difference at the rate of 4 cents per $100 or part thereof per day in respect of the period beginning on the expiration of a period of 1 month from that date and ending on the date of the payment of such additional stamp duty; and the person or persons liable for stamping such instrument in respect of the stamp duty so assessed shall be the person or persons liable for stamping it in respect of such additional stamp duty. (Amended 21 of 2003 s. 5)

The Collector may remit, wholly or in part, any additional stamp duty payable under subsection (10).

Any person who is dissatisfied with the assessment of the Collector under section 13 or 47L may— (Amended 10 of 2013 s. 27)

appeal against the assessment to the court and may for that purpose require the Collector to state and sign a case setting forth the question upon which his opinion was required and the assessment made by him. (Amended 33 of 1998 s. 3)

Where—

the Collector may, by notice in writing served on the person, allow payment of the stamp duty payable under the assessment to be postponed for such period, to such extent and on such terms as the Collector may think fit. (Added 33 of 1998 s. 3)

Where the court, on an application made by the person intending to serve a notice under subsection (1), is satisfied that it would impose hardship on the person to require him to pay the stamp duty or the part of the stamp duty, as the case may be, under subsection (1)(b), it may by order allow the appeal to which the notice relates to be brought—

Where—

the Collector shall endorse the instrument or, where applicable, issue a stamp certificate in respect of the instrument, to that effect in such manner as he may think fit. (Added 33 of 1998 s. 3. Amended 21 of 2003 s. 6)

The Collector shall upon being required to state and sign a case under subsection (1) state and sign the case and deliver the same to the person by whom it is required and the case may, within 7 days thereafter and after service thereof upon the Secretary for Justice, be set down by such person for hearing. (Amended L.N. 362 of 1997; 33 of 1998 s. 3)

Upon the hearing of the case the court shall determine the question submitted, and, if the instrument in question is in the opinion of the court chargeable with any stamp duty, the court shall assess the stamp duty chargeable thereon.

If the amount of the stamp duty assessed by the court is less than the assessment of the Collector, the excess of stamp duty paid shall be ordered by the court to be repaid together with any excess of penalty paid under section 9, 45(5A)(d) or 47H(3) in respect thereof. (Amended 10 of 2013 s. 27)

If in the opinion of the court the assessment of the Collector is not excessive, the court shall make an order confirming that assessment.

The court may appoint a member of the Lands Tribunal to sit and assist it in any proceedings or part of any proceedings under this section; but the decision in the appeal shall be the decision of the court alone. (Added 43 of 1984 s. 2)

Where the court, on an application made by a person who is dissatisfied with an assessment of the Collector under section 13 or 47L, is satisfied that the person was prevented by illness or absence from Hong Kong or other reasonable cause from bringing an appeal within a period of 1 month from the date on which the assessment is made in accordance with subsection (1), the court may by order allow the appeal to be brought within such further period as it may consider appropriate. (Added 33 of 1998 s. 3. Amended 10 of 2013 s. 27)

In this section—

Subject to subsection (1A) and section 15A, no instrument chargeable with stamp duty shall be received in evidence in any proceedings whatsoever except— (Amended 2 of 2014 s. 5; 14 of 2014 s. 3)

or be available for any other purpose whatsoever, unless such instrument is duly stamped. (Amended 33 of 1998 s. 4)

Notwithstanding anything in subsection (1), an instrument which is not duly stamped may be received in evidence in civil proceedings before a court if—

(Repealed 14 of 2014 s. 3)

Subject to subsection (3), no instrument chargeable with stamp duty shall be acted upon, filed or registered by any public officer or body corporate unless such instrument is duly stamped or is endorsed by the Collector under section 14(1C); and any such public officer who or body corporate which fails to comply with this subsection shall incur a penalty at level 2 which shall be recoverable by the Collector as a civil debt due to the Government. (Amended 70 of 1994 s. 3; L.N. 338 of 1995; 33 of 1998 s. 4; 12 of 1999 s. 3)

Subsection (2) does not apply in relation to the registration of—

but the registration does not affect the question of whether the instrument is duly stamped. (Replaced 43 of 1991 s. 4)

If a public officer is empowered or required by law to act upon, file or register a duplicate or copy of any instrument, and if the original of such instrument would require to be duly stamped if acted upon, filed or registered by such public officer, it shall be lawful for such public officer to call for the production of the original instrument, or for evidence to his satisfaction that it is duly stamped, and no public officer shall act upon, file or register any such duplicate or copy without production of the original instrument duly stamped or of evidence as aforesaid.

The amendment made by section 4(1) of the Stamp Duty (Amendment) Ordinance 2011 (14 of 2011) does not apply in respect of a chargeable agreement for sale that was entered into before the date of commencement^# of that section, and subsection (3)(a) as in force immediately before that date applies to the agreement as if that amendment had not been made. (Added 14 of 2011 s. 4)

This section applies to an instrument that is not duly stamped only because it falls within either or both of the following—

Despite section 15(1), the instrument may be received in evidence in civil proceedings before a court if—

A lease or agreement for a lease shall not be charged with stamp duty in respect of any penal rent, or increased rent in the nature of a penal rent, thereby reserved or agreed to be reserved or made payable, or by reason of being made in consideration of the surrender or abandonment of any existing lease of or agreement relating to the same subject matter.

An agreement for a lease shall be chargeable with stamp duty as a lease made for the term and consideration mentioned in the agreement.

Where stamp duty falls to be calculated in respect of any instrument by reference to a sum of money expressed in a currency other than Hong Kong dollars, there shall, for the purpose of such calculation, be substituted for that sum of money its equivalent expressed in Hong Kong dollars at the rate of exchange prevailing on the date of the instrument.

In this Ordinance, any reference to an instrument as one being or required to be presented or tendered to the Collector for stamping shall be construed as including a reference to a copy of the instrument if it is shown to the satisfaction of the Collector that it is impracticable in the circumstances of the case that the instrument be or be required to be so presented or tendered (as the case may be).

Where a copy of an instrument chargeable with stamp duty is presented to the Collector for stamping pursuant to subsection (1), the Collector may, where he is required or empowered under this Ordinance to stamp the instrument or cause it to be stamped, issue a stamp certificate in respect of the instrument under Part IIA. (Amended 21 of 2003 s. 8)

(Repealed 21 of 2003 s. 8)

In this section, a reference to a copy, in relation to an instrument, shall be construed as a reference to a copy which is shown to the satisfaction of the Collector as a true copy of the instrument.

Subject to section 5(1A), the Collector may, for the purpose of stamping any instrument to which this Part applies, issue a stamp certificate in respect of the instrument, whether or not the instrument is presented to the Collector for stamping.

A stamp certificate may be issued in paper form or in the form of an electronic record.

The Collector may issue a stamp certificate—

The Collector shall keep a record of any stamp certificate issued by him and, in so far as the stamp certificate is not cancelled under section 18J, retain the record for a period of not less than 15 years after the day of issue.

A person may, in respect of an instrument to which this Part applies and being an instrument specified by the Collector, apply to the Collector for stamping the instrument without presenting it.

An application under subsection (1) shall—

For the purposes of subsection (1), an instrument to be specified by the Collector—

A notice under subsection (3) is subsidiary legislation.

If the Collector is not satisfied that section 18G(a) or (b) has been complied with, the Collector may refuse to approve the application for stamping made under section 18F.

Where the Collector refuses the application, the Collector shall notify the applicant of the decision and the reasons of refusal.

Where the application is refused for failing to comply with section 18G(a), the applicant may present the instrument to the Collector for stamping under section 5(1)(a).

Where the application is refused for failing to comply with section 18G(b), the applicant may, after complying with section 18G(b), make a new application to the Collector under section 18F.

Without prejudice to the generality of sections 18G and 18H, the Collector may, at any time after an application for stamping an instrument is made under section 18F, require the applicant or any other person, who possesses or controls the following instrument or evidence, to present to the Collector for inspection for the purposes of this Ordinance—

The power of the Collector under subsection (1) shall not, in the case where a stamp certificate has been issued, be exercised more than 6 years from the expiration of the time for stamping the instrument.

Unless the instrument or evidence as provided under subsection (1) is presented—

The Collector shall cancel a stamp certificate if—

For the purposes of subsection (1)(c), an error contained in a stamp certificate does not include a case where upon the assessment of the stamp duty of an instrument by the Collector under section 13 or 47L, the instrument is found to be insufficiently stamped. (Amended 10 of 2013 s. 28)

Where a stamp certificate is cancelled under subsection (1), the Collector shall—

Where a stamp certificate is cancelled under subsection (1)(a) or (b) for overpayment of stamp duty, the Collector may issue a new stamp certificate denoting the payment of stamp duty chargeable on the instrument.

Where a stamp certificate is cancelled under subsection (1)(c), the Collector may issue a new stamp certificate to rectify the error.

Where a stamp certificate is cancelled under subsection (1)(c) for any error which results in an undercharge of stamp duty, the Collector may only issue a new stamp certificate denoting the payment of stamp duty chargeable on the instrument after payment of the undercharged stamp duty has been made.

Subject to this section, any person who effects any sale or purchase of Hong Kong stock as principal or agent shall— (Amended 77 of 1981 s. 5)

Subsection (1) shall not apply to a sale or purchase of a unit under a unit trust scheme—

It shall not be obligatory for an endorsement to be made under subsection (1)(d) where, at the time of the sale or purchase of Hong Kong stock—

Subsection (1) shall not apply to a sale or purchase of Hong Kong stock effected under a market contract. (Added 68 of 1992 s. 20)

Subsection (1) does not apply to a transaction specified in— (Added 4 of 2015 s. 3. Amended 12 of 2016 s. 24; 16 of 2016 s. 27; 1 of 2023 s. 3; 33 of 2024 s. 4)

Subsection (1) does not apply to a transaction or dealing specified in section 3 of the Stamp Duty (Jobbing Business) (Options Market Makers) Regulation (Cap. 117 sub. leg. A). (Added 33 of 2024 s. 4)

For the purposes of subsection (1), where—

the contract note shall, whether or not it has been executed by the exchange participant, be regarded as having been so executed. (Added L.N. 90 of 1999 and 44 of 1999 s. 17. Amended 12 of 2000 s. 23)

A contract note required to be made under subsection (1) shall state the following—

No agent or other person shall have any legal claim to any charge for brokerage, commission or agency with reference to the sale or purchase of any Hong Kong stock if he fails to comply with the provisions of this section.

The stamp duty paid in respect of a contract note may be added to any charge for brokerage or agency and shall be recoverable as part of such charge.

Where a contract note relates to the sale or purchase of more than one description of Hong Kong stock, the note shall be deemed to be as many contract notes as there are descriptions of Hong Kong stock sold or purchased.

If in the case of a sale or purchase of any Hong Kong stock effected by a person who is not resident in Hong Kong, the stamp duty specified in head 2(1) in the First Schedule is not paid, there shall be charged on the instrument of transfer, in addition to the stamp duty otherwise chargeable thereon, stamp duty equal to the amount of the stamp duty so payable in respect of such sale or purchase; and in respect of stamp duty charged on an instrument of transfer under this subsection, the transferee shall be the person liable for stamping such instrument and the time for stamping it shall be 30 days after execution thereof.

Where any instrument of transfer is stamped under subsection (6), the Collector shall endorse the instrument, or issue a stamp certificate in respect of the instrument, to that effect in such manner as he may think fit. (Amended 21 of 2003 s. 11)

An instrument of transfer of any Hong Kong stock shall not be duly stamped unless—

An endorsement under subsection (1) in respect of stamp duty paid under head 2(1) in the First Schedule may be made by the Collector, or any person authorized by the Collector in that behalf, in any manner the Collector considers appropriate. (Replaced 33 of 2024 s. 4)

An endorsement under subsection (1)(d)(ii) shall be made by the Collector in such manner as he thinks fit. (Added 43 of 1991 s. 5)

Any person who makes an endorsement for the purposes of subsection (1)(d) which is false in a material particular commits an offence.

In relation to a sale or purchase of a unit under a unit trust scheme other than a sale or purchase referred to in subsection (1A), the obligations imposed by this section (other than subsection (1)(c)) and head 2(1) in the First Schedule on any person other than the managers under the unit trust scheme shall be carried out by the managers in addition to any obligation so imposed on them, and for that purpose subsection (2)(a) shall not apply. (Added 77 of 1981 s. 5)

Subject to subsections (12), (12A) and (13), nothing in this section shall apply to—

Where, in respect of a stock borrowing—

such stock borrowing shall, for the purposes of this Ordinance, be deemed to be a sale and a purchase of—

This Ordinance, except subsection (1)(d), shall apply to the sale and purchase referred to in subsection (12) as if that sale and purchase were effected in Hong Kong—

Subsection (11) shall not apply to any stock borrowing or stock return, unless—

are provided by the borrower to the Collector at any time after the stock borrowing and lending agreement is executed but before the expiry of 30 days after the stock borrowing is effected. (Replaced L.N. 90 of 1999 and 44 of 1999 s. 17)

A borrower who has effected any stock borrowings under a stock borrowing and lending agreement, an executed copy of which has been provided to the Collector in accordance with subsection (12A), shall— (Amended 33 of 1998 s. 6)

as the Collector may require. (Added 67 of 1989 s. 3)

A borrower who, with intent to defraud the Government of any stamp duty , causes or allows—

which he knows or has reasonable grounds for believing to be false or misleading in a material respect commits an offence. (Replaced 70 of 1994 s. 4)

A borrower who fails to comply with the requirements of subsection (13) shall incur a penalty at level 2 which shall be recoverable by the Collector as a civil debt due to the Government. (Replaced 70 of 1994 s. 4. Amended L.N. 338 of 1995; 12 of 1999 s. 3)

In this section—

Where stamp duty is paid under head 2(1) in the First Schedule in respect of a sale or purchase of a unit under a unit trust scheme effected by the managers under such scheme, the stamp duty shall be refunded to the managers upon application to the Collector under subsection (2) if the managers and trustees under such scheme, before the expiration of 2 months from the date on which the sale or purchase is effected, jointly certify that—

On an application for a refund of stamp duty under this section, the applicant shall produce to the Collector the contract notes in respect of which the stamp duty was paid or, where applicable, the stamp certificates issued in respect of the contract notes, and the joint certificate of the managers and trustees referred to in subsection (1). (Amended 21 of 2003 s. 12)

No person shall be entitled to claim, directly or indirectly, the payment of any dividend or interest or of the amount or value of any dividend or interest on any Hong Kong stock unless—

No person shall demand or request or accept, directly or indirectly, payment of any dividend or interest or of the amount or value of any dividend or interest which under subsection (1) he is not entitled to claim.

No person shall, directly or indirectly, pay any dividend or interest or the amount or value of any dividend or interest on any Hong Kong stock to any other person unless—

Notwithstanding anything in this section, this section shall not apply to specified payment as defined in section 19(16). (Added L.N. 90 of 1999 and 44 of 1999 s. 18)

Where the consideration or any part of the consideration for a conveyance on sale consists of any stock, the conveyance shall be chargeable with stamp duty by reference to the value of the stock on the date of the conveyance.

Where the consideration or any part of the consideration for a conveyance on sale consists of any security not being stock, the conveyance shall be chargeable with stamp duty by reference to the amount due on the date of the conveyance for principal and interest upon the security.

In the case of a conveyance on sale or a sale or purchase of Hong Kong stock, where the consideration or any part of the consideration consists of money payable periodically for a definite period not exceeding 20 years so that the total amount to be paid can be previously ascertained, the conveyance or contract note shall be chargeable with stamp duty by reference to a consideration of such total amount.

In the case of a conveyance on sale or a sale or purchase of Hong Kong stock, where the consideration or any part of the consideration consists of money payable for a definite period exceeding 20 years or in perpetuity or for any indefinite period not terminable with life, the conveyance or contract note shall be chargeable with stamp duty by reference to a consideration of an amount equal to the total amount which will or may, according to the terms of sale, be payable during the period of 20 years after the date of the conveyance or contract note.

In the case of a conveyance on sale or a sale or purchase of Hong Kong stock, where the consideration or any part of the consideration consists of money payable periodically for a life or lives, the conveyance or contract note shall be chargeable with stamp duty by reference to a consideration equal to the amount which will or may, according to the terms of sale, be payable during the period of 12 years after the date of the conveyance or contract note.

In the case of a conveyance on sale or any transaction whereby a beneficial interest in Hong Kong stock passes, where the conveyance or transaction is in consideration, wholly or in part, of any debt due to the transferee or is subject either certainly or contingently to the payment or transfer of any money or stock, whether or not being or constituting a charge or incumbrance upon the property or interest so conveyed or passing, the debt, money or stock is to be deemed the whole or part, as the case may be, of the consideration by reference to which the conveyance or contract note is chargeable with stamp duty.

Where a conveyance on sale or transaction whereby a beneficial interest in any Hong Kong stock passes is in consideration wholly or in part of any debt due to the transferee and, apart from this subsection, the consideration by reference to which the conveyance or contract note would be chargeable with stamp duty would exceed the value of the property conveyed or beneficial interest passing, that consideration shall be treated as reduced to that value; and the conveyance or contract note shall not be duly stamped unless it is stamped under section 13(3).

Where, by virtue of or in connection with any transaction referred to in subsection (1) whereby a beneficial interest in any shares in a body corporate passes, any liability is incurred by the transferee in respect of any indebtedness of the body corporate, the transaction shall, in addition to any other payment of money or transfer of shares to which it is subject, be deemed to be subject to the payment of an amount of money equal to the amount of such indebtedness.

Where immovable property contracted to be sold for one consideration for the whole is conveyed to the purchaser in separate parts or parcels by different instruments, the consideration shall be apportioned in such manner as the parties think fit, so that a distinct consideration for each separate part or parcel is set forth in the conveyance relating thereto, and such conveyance shall be chargeable with stamp duty by reference to such distinct consideration.

Where immovable property contracted to be purchased for one consideration for the whole by 2 or more persons jointly, or by any person for himself and others or wholly for others, is conveyed in parts or parcels by separate instruments to the persons by or for whom the same was purchased for distinct parts of the consideration, the conveyance of each separate part or parcel shall be chargeable with stamp duty by reference to the distinct part of the consideration therein specified.

Where there are several instruments of conveyance for completing the purchaser’s title to immovable property sold, the principal instrument of conveyance only shall be chargeable with stamp duty and the other instruments shall not be chargeable with stamp duty.

Where a person having contracted for the purchase of any immovable property but not having obtained a conveyance thereof contracts to sell the same to any other person and the property is in consequence conveyed immediately to the sub-purchaser, the conveyance shall be chargeable with stamp duty by reference to the consideration moving from the sub-purchaser.

Where a person having contracted for the purchase of any immovable property but not having obtained a conveyance contracts to sell the whole or any part or parts thereof to any other person or persons and the property is in consequence conveyed by the original seller to different persons in parts or parcels, the conveyance of each part or parcel shall be chargeable with stamp duty by reference only to the consideration moving from the sub-purchaser thereof, without regard to the amount or value of the original consideration.

Where a sub-purchaser takes an actual conveyance of the interest of the person immediately selling to him, which is chargeable with stamp duty by reference to the consideration moving from him and is duly stamped accordingly, any conveyance to be afterwards made to him of the same immovable property by the original seller shall not be chargeable with stamp duty.

Where upon the exchange of any immovable property for any other immovable property, or upon the partition of any immovable property, any consideration is paid or given, or agreed to be paid or given, for equality, the principal or only instrument whereby the exchange or partition is effected shall, subject to sections 27, 29AO and 29AP, be charged with the same stamp duty as a conveyance on sale for the consideration, and with that stamp duty only; and where in any such case there are several instruments for completing the title of either party, the instruments other than the principal instrument shall not be chargeable with any stamp duty. (Amended 14 of 2014 s. 5)

Any conveyance of immovable property operating as a voluntary disposition inter vivos shall be chargeable with stamp duty as a conveyance on sale, with the substitution of the value of the property conveyed for the amount or value of the consideration for the sale.

In the case of an instrument of transfer operating as a voluntary disposition inter vivos of Hong Kong stock, or an instrument referred to in section 28(1) which so operates by virtue of that section, any stamp duty paid in respect of contract notes made under section 19(1) in respect of the amount or value of any consideration given by the transferee for such Hong Kong stock shall be set off against the stamp duty chargeable on such instrument of transfer.

A conveyance or transfer operating as a voluntary disposition inter vivos shall not be duly stamped unless the Collector has stamped the instrument of conveyance or transfer under section 13(3)(b).

Any conveyance or transfer (not being a disposition made in favour of a purchaser or incumbrancer or other person in good faith and for valuable consideration) shall for the purposes of this Ordinance be deemed to be a conveyance or transfer operating as a voluntary disposition inter vivos, and (except where marriage is the consideration) the consideration for any conveyance or transfer shall not for this purpose be deemed to be valuable consideration where the Collector is of opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.

Nothing in this section shall apply to a conveyance or transfer made for nominal consideration for the purpose of securing the repayment of an advance or loan or made for effectuating the appointment of a new trustee, whether the trust is expressed or implied, or under which no beneficial interest passes in the property conveyed or transferred, or made to a beneficiary by a trustee or other person in a fiduciary capacity under any trust, whether expressed or implied, and this subsection shall have effect only if the circumstances exempting the conveyance or transfer from charge under this section are set forth in the conveyance or transfer. (Amended 33 of 1998 s. 7)

Subject to this section, any instrument whereby property is conveyed or transferred to any person in contemplation of a sale of that property shall be treated as a conveyance or transfer operating as a voluntary disposition inter vivos of that property.

If on a claim made to the Collector not later than 2 years after the making or execution of an instrument to which subsection (1) applies, it is shown to his satisfaction—

the Collector shall repay the stamp duty paid by virtue of this section, in a case falling under paragraph (a), so far as it exceeds the stamp duty which would have been payable apart from this section and, in a case falling under paragraph (b), so far as it exceeds the stamp duty which would have been payable if the instrument had been stamped in accordance with subsection (1) in respect of a value equal to the consideration in question:

Provided that, in a case falling under the said paragraph (b), stamp duty shall not be repayable if it appears to the Collector that the circumstances are such that a conveyance or transfer on the sale in question would have been chargeable with stamp duty by virtue of section 27(4).

Subsections (1) and (2) shall apply whether or not an instrument conveys or transfers other property in addition to the property in contemplation of the sale of which it is made or executed, but those subsections shall not affect the stamp duty chargeable in respect of that other property.

For the purposes of section 27 and this section, the value of property conveyed or transferred by an instrument chargeable with stamp duty in accordance with either of those provisions shall be determined without regard to—

but if on a claim made to the Collector not later than 2 years after the making or execution of the instrument it is shown to his satisfaction that any such power as is mentioned in paragraph (a) has been exercised in relation to the property and the property or any property representing it has been re-conveyed or re-transferred in whole or in part in consequence of that exercise the Collector shall repay the stamp duty paid by virtue of this subsection, in a case where the whole of such property has been so re-conveyed or re-transferred, so far as it exceeds the stamp duty which would have been payable apart from this subsection and, in any other case, so far as it exceeds the stamp duty which would have been payable if the instrument had operated to convey or transfer only such property as is not so re-conveyed or re-transferred.

References in head 1(1) in the First Schedule to a conveyance on sale being certified at a particular amount mean that such conveyance on sale contains a statement certifying that the transaction effected by the instrument does not form part of a larger transaction or series of transactions in respect of which the amount or value, or aggregate amount or value, of the consideration exceeds that amount.

In subsection (1) a reference to the amount or value of the consideration shall be construed—

(Omitted as spent—E.R. 2 of 2014)

In this Part—

Where a person authorizes or requires the trustees or managers under a unit trust scheme to treat him as no longer interested in a unit under that scheme and authorizes or requires them to treat another person as entitled to that unit, he shall be deemed for the purposes of this Ordinance to transfer that unit, and any instrument whereby he gives the authority or makes the requirement or any other instrument expressed to be substituted therefor by the managers with the approval of the Collector shall be deemed for those purposes to be a transfer operating as a voluntary disposition inter vivos under section 27(4) or a transfer by way of sale falling within head 2(4) in the First Schedule according to the nature of the transaction as between him and the person whom he authorizes or requires the trustees or managers to treat as entitled to the unit. (Amended 77 of 1981 s. 7)

Where a person authorizes or requires the trustees or managers under a unit trust scheme to treat him as no longer interested in a unit under that scheme and does not authorize or require them to treat another person as entitled to that unit, he shall be deemed for the purposes of this Ordinance to transfer that unit to the managers by way of sale, and any instrument whereby he gives the authority or makes the requirement or any other instrument expressed to be substituted therefor by the managers with the approval of the Collector shall be deemed for those purposes to be a transfer falling within head 2(4) in the First Schedule. (Amended 77 of 1981 s. 7)

Where the managers under a unit trust scheme authorize or require the trustees under that scheme to treat a person as entitled to a unit thereunder and their power so to do arises from a previous transfer to them of that unit or some other unit, they shall be deemed for the purposes of this Ordinance to transfer the first-mentioned unit to that person by way of sale, and any instrument whereby they give the authority or make the requirement or any other instrument expressed to be substituted therefor by the managers with the approval of the Collector shall be deemed for those purposes to be a transfer falling within head 2(4) in the First Schedule; but this subsection does not apply to anything done by the managers for the purpose merely of recognizing or giving effect to a transmission of a unit by operation of law. (Amended 77 of 1981 s. 7)

This section applies if the trust instrument of a unit trust scheme (main scheme) provides for the division of its trust property into separate parts.

The main scheme is to be regarded as not being a unit trust scheme for the purposes of this Ordinance.

Each separate part of the trust property (sub-scheme) is to be regarded as a unit trust scheme for the purposes of this Ordinance.

If subsection (3) applies, a reference in this Ordinance to a person interested in or entitled to a unit under a unit trust scheme is a reference to a person who owns a unit issued in respect of a sub-scheme.

The trustees of a unit trust scheme shall keep a record showing the number of units under the scheme representing the trust property, and from time to time as soon as any change occurs in the amount of such property they shall enter in the record the alteration in the number consequential on such change.

The managers of a unit trust scheme shall keep a record showing—

Every registered certificate and every certificate to bearer in respect of units under a unit trust scheme shall before issue be given a serial number by the trustees of the scheme and, when surrendered by the holder, shall be preserved by the trustees in such a manner as to enable reference to be made readily thereto.

Every instrument of transfer in respect of units under a unit trust scheme shall, when delivered to the trustees of the scheme, be preserved by the trustees in such a manner as to enable reference to be made readily thereto.

Where any units under a unit trust scheme are represented by a certificate to bearer, the trustees of the scheme shall enter in a separate part of the register referred to in section 33, or in a separate register, the following particulars—

Upon the surrender and cancellation of any certificate to bearer, a note of the date of surrender shall be added to the entry.

Registers or records required under this Part may be kept by recording the matters in question—

but where any such register or record is kept otherwise than by making entries in a bound book, adequate precautions shall be taken for guarding against falsification and facilitating its discovery.

Unless the register kept under section 33 is in such a form as to constitute in itself an index, the trustees of the scheme shall keep in a convenient form an index of the names of the holders.

The registers, statements and other records and documents referred to in this Part shall be preserved during the life of the trust scheme and for a period of not less than 1 year thereafter, but nothing in this Part shall require instruments of transfer or registered certificates or certificates to bearer to be preserved for a period exceeding 6 years from the date on which they were finally delivered to the trustees of the scheme.

This section applies if the instrument of incorporation of an open-ended fund company (main company) provides for the division of its scheme property into separate parts.

The main company is to be regarded as not being an open-ended fund company for the purposes of this Ordinance.

Each separate part of the scheme property (sub-fund) is to be regarded as an open-ended fund company for the purposes of this Ordinance.

If subsection (3) applies, a reference in section 37B(f) to a shareholder of an open-ended fund company is a reference to a person who owns a share issued in respect of a sub-fund.

In the case of any instrument in respect of which, by virtue of section 41 or 43(1), no person is liable for the payment of stamp duty chargeable thereon, the instrument shall not be chargeable with stamp duty if, but only if, it is presented to the Collector for stamping.

Any instrument presented to the Collector under this section, and any duplicate or counterpart of such instrument, shall, without payment of an adjudication fee and notwithstanding section 13(4), be stamped under subsection (3)(a) of that section to the effect that it is not chargeable with stamp duty, and subsection (6) of that section shall apply accordingly. (Amended 21 of 2003 s. 16)

Notwithstanding section 4(3), the Central People’s Government, the Government or any incorporated public officer or any person acting in his capacity as a public officer shall not be liable for the payment of stamp duty chargeable on any instrument or any penalty payable in respect thereof under section 9. (Amended 12 of 1999 s. 3)

Subsection (1) does not apply to—

This section applies to a lease or agreement for a lease (other than an instrument to which section 39 applies) made between—

and any other person (the other party) not being a person to whom section 43(1) applies.

Every instrument to which this section applies shall, for the purposes of this Ordinance, be deemed to contain a provision whereby the other party undertakes to pay 50 per cent of the stamp duty chargeable on such instrument; and payment of that amount under a provision deemed by virtue of this section to be contained in an instrument shall be deemed to constitute payment of the stamp duty chargeable on the instrument.

Where an exempted person or a person acting on behalf of an exempted person is a party to any instrument being a lease, agreement for a lease or conveyance on sale of exempted premises, the exempted person or any person acting on behalf of the exempted person shall not be liable for the payment of stamp duty chargeable on such instrument or any penalty payable in respect thereof under section 9. (Amended 61 of 1984 s. 5; 18 of 1985 s. 5; 44 of 1985 s. 7; 36 of 1989 s. 5)

Every lease or agreement for a lease (other than an instrument to which section 39 applies) made in respect of exempted premises between an exempted person, or a person acting on behalf of an exempted person, and any other person (other than the Central People’s Government, the Government, an incorporated public officer or an exempted person) shall be deemed to contain a provision whereby such other person undertakes to pay 50 per cent of the stamp duty chargeable on such instrument; and payment of that amount under a provision deemed by virtue of this subsection to be contained in an instrument shall be deemed to constitute payment of the stamp duty chargeable on the instrument. (Amended 61 of 1984 s. 5; 18 of 1985 s. 5; 44 of 1985 s. 7; 36 of 1989 s. 5; 12 of 1999 s. 3)

The Chief Secretary for Administration may certify— (Amended L.N. 362 of 1997)

Stamp duty under head 1(1), (1AA) or (1AAB) or 2(3) in the First Schedule shall not be chargeable on an instrument to which this section applies. (Amended 14 of 2011 s. 12; 2 of 2014 s. 15)

This section applies to the following instruments—

An instrument to which this section applies shall not be duly stamped unless it is stamped with the stamp duty with which it would, but for this section, be chargeable or it has, in accordance with section 13, been stamped with a particular stamp or by way of a stamp certificate, denoting either that it is not chargeable with any stamp duty or that it is duly stamped. (Amended 21 of 2003 s. 17)

Stamp duty under head 1(1), (1AA) or (1AAB) or 2(1) or (3) in the First Schedule shall not be chargeable on an instrument to which this section applies. (Amended 14 of 2011 s. 13; 2 of 2014 s. 16)

Subject to subsections (4), (5), (5A) and (6), this section applies to any instrument as respects which it is shown to the satisfaction of the Collector that the effect thereof is to convey a beneficial interest in immovable property, or to transfer a beneficial interest in Hong Kong stock, from one associated body corporate to another, and also applies to any instrument that is a contract note in respect of a sale or purchase of Hong Kong stock made between one associated body corporate and another, where in each case the bodies are associated, that is to say, one is beneficial owner of not less than 90 per cent of the issued share capital of the other, or a third such body is beneficial owner of not less than 90 per cent of the issued share capital of each.

An instrument to which this section applies and that conveys a beneficial interest in immovable property or is a contract note shall not be duly stamped unless it is stamped with the stamp duty with which it would, but for this section, be chargeable or it has, in accordance with section 13, been stamped with a particular stamp or by way of a stamp certificate, denoting either that it is not chargeable with any stamp duty or that it is duly stamped. (Amended 21 of 2003 s. 18)

This section shall not apply to any instrument unless it is also shown to the satisfaction of the Collector that the instrument was not executed, or the sale or purchase of the Hong Kong stock was not made, in pursuance of or in connexion with an arrangement under which—

Without prejudice to the generality of paragraph (a) of subsection (4), an arrangement shall be treated as within that paragraph if it is one under which the transferor or the transferee, or a body corporate associated with either as there mentioned, was to be enabled to provide any of the consideration, or was to part with any of it, by or in consequence of the carrying out of a transaction or transactions involving, or any of them involving, a payment or other disposition by a person other than a body corporate so associated.

Where a transferor and transferee, as described in subsection (4), cease to be associated as described in subsection (4)(c) within 2 years after the date of execution of the instrument or, in the case of contract note, within 2 years after the date on which the note was required to have been made and executed under section 19, and relief from stamp duty has been claimed under this section—

The ownership referred to in subsections (2) and (4) is ownership either directly or through another body corporate or other bodies corporate, or partly directly and partly through another body corporate or other bodies corporate, and the Third Schedule shall apply accordingly for the purposes of this section.

A person who fails to comply with subsection (5A)(a) shall incur a penalty at level 2 which shall be recoverable by the Collector as a civil debt due to the Government. (Added 43 of 1991 s. 6. Amended 70 of 1994 s. 6; L.N. 338 of 1995; 12 of 1999 s. 3)

Where the Director of Lands certifies that any instrument affecting any immovable property held from the Government has been executed in compliance with his requirements for the sole purpose of enabling a Government lease of the immovable property to be granted to the owner thereof and has been replaced by a new instrument affecting the immovable property in the same manner as, and similar as far as possible to, the instrument replaced, and executed immediately upon the granting of the said Government lease, then such instruments shall be exempt from stamp duty, and the Collector shall, on production to him of the instruments so certified, endorse on the instruments a certificate, or issue a stamp certificate, to the effect that the instruments are by virtue of this section exempt from stamp duty.

Where the Director of Lands certifies that any instrument affecting any immovable property held from the Government has been executed in compliance with his requirements for the sole purpose of enabling the owner of the immovable property to surrender it to the Government as consideration or part consideration for an exchange and has been replaced by a new instrument affecting the immovable property in the same manner as, and similar as far as possible to, the instrument replaced, and executed immediately upon the granting of the said Government lease, then such instruments shall be exempt from stamp duty, and the Collector shall, on production to him of the instruments so certified, endorse on the instruments a certificate, or issue a stamp certificate, to the effect that the instruments are by virtue of this section exempt from stamp duty.

Whenever the Land Registrar certifies that in his opinion an assignment or reassignment has been made by the appropriate parties solely for the purpose of carrying into effect a transaction or a series of transactions in respect whereof an instrument or a series of instruments has been registered or recorded in the Japanese House Registration Office and of effectuating by an assignment or reassignment in the form in common use in Hong Kong the transaction or series of transactions which to him appears to have been intended to be effected by such instrument or series of instruments, then such assignment or reassignment shall be exempt from stamp duty. (Amended 8 of 1993 s. 3)

The certificate under subsection (1) shall be endorsed upon the instrument in question, and on production of the certificate under subsection (1) and of the instrument in question the Collector shall endorse upon the instrument a certificate, or issue a stamp certificate, to the effect that the same is under this section exempt from stamp duty. (Amended 21 of 2003 s. 20)

This section shall not apply to any instrument executed in contravention of the Moratorium Proclamation of the British Military Administration dated 13 September 1945.

An instrument of transfer of a unit under a unit trust scheme is not chargeable with stamp duty if—

An instrument of transfer of a unit under a unit trust scheme is not chargeable with stamp duty if—

Where a person is deemed under section 30(4) to transfer a unit under a unit trust scheme, then if—

the instrument that is deemed under that section to be a transfer of the unit is not chargeable with stamp duty.

Where the trustee or manager of a constituent fund of a registered scheme is deemed under section 30(4) to transfer a unit under a unit trust scheme, then if—

the instrument that is deemed under that section to be a transfer of the unit is not chargeable with stamp duty.

In this section—

Where a person is deemed under section 30(3) to transfer a unit under a unit trust scheme and, in relation to that transfer, an instrument is deemed under that section to be a transfer by way of sale falling within head 2(4) in the First Schedule, if that transfer is one to which section 19(1) does not apply by virtue of section 19(1A)(b)(ii), that instrument is not chargeable with stamp duty.

Where a person is deemed under section 30(4) to transfer a unit under a unit trust scheme, if that transfer is one to which section 19(1) does not apply by virtue of section 19(1A)(a), the instrument that is deemed under section 30(4) to be a transfer of the unit is not chargeable with stamp duty.

Where a person is deemed under section 30(5) to transfer a unit under a unit trust scheme, if that transfer is one to which section 19(1) does not apply by virtue of section 19(1A)(b)(i), the instrument that is deemed under section 30(5) to be a transfer of the unit is not chargeable with stamp duty.

In this Part, subject to subsection (2), an expression specified below has the same meaning as it has in Schedule 17A to the Inland Revenue Ordinance (Cap. 112)—

For the purposes of the definitions of bond-issuer as conduit condition and reasonable commercial return condition in subsection (1), sections 19 and 14 of Schedule 17A to the Inland Revenue Ordinance (Cap. 112) are to be read as if references to the Commissioner in those sections were references to the Collector.

In this Part, an expression specified in column 1 of the Table below has the meaning given by the section specified opposite to it in column 2 of the Table—

The bond arrangement in a specified alternative bond scheme is a qualified bond arrangement at any time (material time) if the scheme at the material time complies with, and from the commencement of the specified term of the scheme up to the material time has always complied with—

Subject to subsection (3), the specified investment arrangement in a specified alternative bond scheme is a qualified investment arrangement at any time (material time) if—

Despite subsection (2) but subject to section 47H(6), an arrangement in a scheme is to be regarded (except in relation to section 47J) as never having been a qualified investment arrangement in a specified alternative bond scheme if an IA disqualifying event occurs in relation to the arrangement at any time during the specified term.

In this section—

For the purposes of this section, provisions of Schedule 17A to the Inland Revenue Ordinance (Cap. 112) relating to the calculation of the investment return under a specified investment arrangement apply—

Subject to sections 47H, 47I and 47L, an instrument is not chargeable with stamp duty under head 1(1), 1(1AA), 1(1AAB), 1(1A), 1(1B), 1(1C), 1(2), 2(1), 2(3) or 2(4) in the First Schedule or under section 29D(2)(a) if the requirements under subsections (2) and (3) are complied with in relation to the instrument. (Amended 2 of 2014 s. 17)

It must be shown to the satisfaction of the Collector that—

Security must be given to the satisfaction of the Collector for the payment of—

Sections 29CA and 29DA apply, with the modifications specified in Schedule 6, to an agreement for sale or a conveyance on sale if it is shown to the satisfaction of the Collector that—

If the operation of subsection (1) will result in the agreement or conveyance not being chargeable with special stamp duty under head 1(1B) or 1(1AA) in the First Schedule, security must be given to the satisfaction of the Collector for the payment of—