STAMP DUTIES LAW OF LAGOS STATE

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  

STAMP DUTIES LAW

ARRANGEMENT OF SECTIONS

PART 1 – Provisions applicable to instruments generally

Charge of duty on instruments

1.       Charge of duties in Schedule

2.       Manner of denoting duty

Appointment of commissioners

3.       Commissioners of stamp duties

4.       Discontinuance and issue of dies

5.       Instruments to be separately charged with duty in certain cases

6.       Facts and circumstances affecting duty to be set forth in instrument

7.       Mode of calculating ad valorem duty in certain cases

Use of adhesive stamps

8.       Cancellation of adhesive stamps

9.       Proper time for stamping instruments

10.     Penalty for fraud in relation to adhesive stamps

Appropriated stamps

11.     Appropriated stamps

Adjudication by a commissioner

12.     As to denoting certificate

13.     The commissioner may be required to express his opinion as to duty

14.     The commissioner may call for and refuse to proceed without evidence

15.     Persons authorised to take declarations and affidavits

16.     Effect of assessment by commissioner and payment of duty in accordance with it

17.     Two commissioners not to adjudicate on same instrument

18.     Persons dissatisfied may appeal

19.     Terms on which instruments not duly stamped may be received in evidence

Stamping of instruments after execution

20.     Stamping of instruments after execution

Entries upon rolls, books and documents

21.     Certain rolls and books to be open to inspection

22.     Penalty for enrolling instrument not stamped

Destruction of unclaimed instruments

23.     Destruction of unclaimed instruments

PART 2 Regulations applicable to particular instruments Agreements

24.     Adhesive stamps may be used for agreements

25.     Certain mortgages of stock to be chargeable as agreements

26.     Hire purchase agreement to be stamped

Appraisements

27.     Definition of “appraiser”

28.     Appraisements to be written out

Instruments of apprenticeship

29.     Meaning of instrument of apprenticeship

Bills of lading

30.     Bills of lading

Bills of sale

31.     Bills of sale

Charter-parties

32.     Provisions as to duty on charter-party

33.     Charter-parties executed abroad

34.     Terms on which charter-parties may be stamped after execution

Contract notes

35.     Provisions as to contract notes

36.     Obligation to execute contract note

37.     Extension of provisions as to contract notes to sale or purchase of options

Conveyances on sale

38.     Meaning of “conveyance on sale”

39.     How ad valorem duty is to be calculated in respect of stock and securities payments to be charged

40.     How consideration consisting of periodical

41.     Conveyance on sale with further covenant

42.     How conveyance in consideration of a debt is to be charged

43.     Direction as to duty in certain cases

44.     Certain contracts to be chargeable as conveyances on sale

45.     Where interest in land transferred by sale and possession without a conveyance

46.     As sale of an in annuity or right not before in existence

47.     Principal instrument, how to be ascertained

48.     Duty payable in certain cases under Law on vesting of property

49.     Duty on gift s inter vivos

50.     Licence with a grant to enter on the land

Conveyances on any occasion except sale or mortgage

51.     What is to be deemed a conveyance on any occasion not being a sale or mortgage

Duplicates and counterparts

52.     Provision as to duplicates and counterparts

Exchange and partition or division

53.     As to exchange, partition or division

Leases

54.     Agreements to be charged as lease

55.     Leases how to be charged in respect of produce

56.     Directions as to duty in certain cases

57.     Duty on certain leases may be denoted by adhesive stamp

Letters or powers of attorney and voting papers

58.     Provisions as to proxies and voting papers

59.     Power by more than one person or to more than one person to count as one power

Marketable securities

60.     Meaning of “marketable securities”

61.     Meaning of marketable security kansferable on delivery and instrument to bearer

62.     Marketable security transferable on delivery to be stamped on execution

63.     Duty reduced in case of short-term marketable securities

Mortgages

64.     Meaning of “mortgage”: “equitable mortgage”

65.     Direction as to duty in certain cases

66.     Security for future advances, how to be charged

Notarial acts

67.     Duty on notarial acts may be denoted by adhesive stamps

Receipts

68.     Provisions as to duty on receipts

69.     Certain forms of receipts not dutiable

70.     Terms on which receipts may be stamped after execution and used in evidence

unstamped

71.     Penalty for offences in reference to receipts

Settlements

72.     As to settlement of policy or security

73.     Settlements; when not to be charged as securities

74.     Where several instruments, one only to be charged with ad valorem duty

Warrant for goods

75.     Meaning and provision s as to warrants for goods

PART 3 – Supplemental

76.     Innocent person suffering loss may recover against guilty person

77.     Power to make regulations for compounding duty

78.     Conditions and agreements as to duty void

79.     Provision for remission of duty in certain cases

80.     Duty and debts recoverable with fines and penalties

81 .    Duties and fines may be recovered summarily

82.     Fixed penalties

83.     Power to mitigate fines and stay proceedings

84.     Fines and penalties recoverable within five years

85.     Power to make regulations relating to stamp duties

86.     Schedule may be varied by resolution and order

PART 4 – Preliminary

87 .    Interpretation

88.     Citation and Commencement

SCHEDULE

CHAPTER S10

STAMP DUTIES LAW

LAW TO PROVIDE FOR THE LEVYING OF STAMP DUTIES IN LAGOS STATE AND FOR CONNECTED PURPOSES

[W.R.L. 1959. CAP. 118. W.N. 10 OF  1961. W.N. 8 OF 1963. L.S.L.N. 16

[Commencement]                                                           [ 1st April 1939]

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA