Stamp duty on other dealings in or affecting land

(1) There shall be paid by a purchaser or occupier of land under an agreement for the sale, exchange or gift of land whether or not the agreement includes a clause giving the purchaser or occupier a right of possession or occupation to the land, stamp duty at the applicable rate specified in section 72, of the value of the land or the amount of consideration, for the land, whichever is greater. (2) Sub-section (1) shall apply only where the land has not been transferred as provided in section 72(1). (3) Where a company– (a) owns lands; and (b) sells the shares in the land, or in any development carried out on the land to any person and the person who purchases the shares or an interest in the development carried out on the land possesses special rights as a result of such purchase which may include– (i) the right to possession or occupation of a piece or the whole of the land; (ii) the right of access to the common areas of the land; or (iii) other customary rights of share-holder, there shall be paid by the company, on the issuance of such shares or interest which create the special rights referred to in paragraph(b), stamp duty at the applicable rates specified in section 72, of the value of the land or the development, as the case may be. 54 [CAP. 64 (4) Sub-section (3), shall apply to a person, a group of persons, an entity or an unincorporated group of persons, so that– (a) references to a “Company” in that sub-section and section 72 shall be read and construed as references to the person, group of persons, entity or unincorporated group of persons; and (b) references to “shares” in that sub-section and section 72shall be read and construed as references to some other mechanisms used to create the special rights specified in sub- section(3)(b). (5) An agreement, instrument, deed or share referred to in sub-section (1) or (3), or in section 71(4) shall, unless the stamp duties payable therefor have duly been paid– (a) be incapable of creating or transferring any legal rights or interests; and (b) have no effect unless and until registered.