Voluntary disposition dutiable as sale

(1) Stamp duty shall be payable on the value of the property conveyed by any conveyance or transfer operating as a voluntary disposition inter vivos as if it were a conveyance on sale. (2) Notwithstanding sub-section (1), a conveyance or transfer or an agreement for conveyance or transfer operating as a voluntary disposition of property shall not be chargeable with any duty if such conveyance is in favour of any charitable organisation or of the trustees of a trust established for charitable purposes only or where the total value of all the properties so conveyed by the transferor in the twelve months ending on the date of the conveyance concerned is not more than twenty-five thousand dollars. (3) Where any instrument is chargeable with duty both as a conveyance or transfer under this section and as a settlement under section 63 the instrument shall be charged with duty as a conveyance or transfer under this section and not as a settlement. (4) Any declaration of trust or other instrument of what ever kind, used to pass legal title or equitable interest to land or to 49 give a person some interest in land shall be chargeable with ad valorem stamp duty.