Stamp Duties Consolidation Act 1999 section 51

Leases how to be charged in respect of produce, etc

Section 51 sets out how a lease is to be charged with stamp duty where the consideration, or part of the consideration, consists of produce or other goods.

• Where lease consideration consists of produce or goods, the value of that produce or goods is treated as consideration chargeable with ad valorem stamp duty.
• Where the value is stipulated to be at least, or not to exceed, a given sum, duty is assessed on that sum; where a permanent rate of conversion applies, duty is assessed according to that rate.
• A lease that contains a statement of the value of the produce or goods and is stamped in accordance with that statement is deemed duly stamped, unless it is shown that the statement is incorrect.
• This deeming protection applies only for so long as the stated value has not been shown to be wrong and the instrument insufficiently stamped.