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A contract of insurance is issued in October 2005 with an inception date of 1 October 2005 and is cancelled in March 2006. Can part of the stamp duty paid be refunded under the new Part IIIF?

April 26, 2017cancelled contract inception Insurance issued march 2006 october 2005 stamp

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A contract of insurance is issued in October 2005 with an inception date of 1 October 2005 and is cancelled in March 2006. Can part of the stamp duty paid be refunded under the new Part IIIF?

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10 Posted

No. As the contract is issued prior to the commencement date of the new Part IIIF (1 March 2006), it is subject to the old Part IIIF. S stamp duty is payable on the instrument of insurance. As the insurance operated for a period of time, no refund can be made.