Read the full judgment text of CACV 460/2018 on BabelCite. This Court of Appeal judgment was delivered on 4 October 2019 before Hon Kwan VP, Yuen JA and Au JA.
Stamp duty – Exchange of property – Matrimonial proceedings – Court Order – Section 25(7) Stamp Duty Ordinance – Section 27(4) – Case Stated – Appeal – Dismissed – Excess duty repaid – Ngai Sau Ying and Hung Ip Shing, divorced couple, executed assignments to transfer properties pursuant to Court Order in 2008. Collector assessed stamp duty on full value. District Court allowed appeals. Collector appealed to Court of Appeal. Whether assignments constitute exchange under section 25(7). Yes; true substance was exchange with equality consideration. Whether section 25(7) inapplicable due to lack of stated consideration or principal instrument. No; section 25(7) applies and Assignment A is principal instrument. Whether judge failed to determine Case Stated questions. Yes; Court of Appeal has jurisdiction to determine. Collector's appeal dismissed. Stamp duty assessed on equality consideration of $100,000. Excess stamp duty repaid. No order as to costs.
Legal issues: Whether assignments constitute exchange under s.25(7) · Whether s.25(7) inapplicable due to lack of stated consideration or principal instrument · Whether judge failed to determine Case Stated questions
Outcome: Collector's appeal dismissed; stamp duty assessed on equality consideration; excess duty repaid
Cited by 2 cases · Cites 7 cases