Chapter STSM092010

Published date07 March 2016
Record NumberSTSM092010

A document executed merely to set up a new partnership is generally not chargeable with ad valorem stamp duty because the simple pooling of assets on the formation of a partnership does not constitute a sale, as no consideration is provided by a purchaser. Therefore the contribution of stock or marketable securities on formation of a new partnership will not give rise to stamp duty. There is the supporting argument that, because of...

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