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Where any money which may become due or payable upon a policy of life insurance, or upon a security, not being a marketable security, is settled or agreed to be settled, the instrument whereby the settlement is made or agreed to be made shall be charged with ad valorem duty in respect of that money:Provided that—(i) where, in the case of a policy, no provision is made for keeping up the policy, the ad valorem duty shall be charged only on the value of the policy at the date of the instrument;(ii) if in any such case the instrument contains a statement of the value and is stamped in accordance with the statement, it shall, so far as regards the policy, be deemed to be duly stamped, unless or until it is shown that the statement is untrue, and that the instrument is in fact insufficiently stamped.
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An instrument chargeable with ad valorem duty as a settlement in respect of any money, stock or security shall not be charged with any further duty by reason of containing provision for the payment or...
Where a settlement is made in pursuance of a previous agreement upon which ad valorem settlement duty exceeding twenty shillings has been paid in respect of any property, the settlement shall not be...
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