22 Mar 2019
NOMURA FUNDS IRELAND PLC v. THE COLLECTOR OF STAMP REVENUE
- Citation
- [2019] HKDC 406
- Court
- District Court
- Case number
- DCSA4/2017
The Merger Proposal expressly provided for transfer of all assets and liabilities of the merging sub-fund to the receiving sub-fund and thus constituted a 'transfer' within Head 2(3) of the First Schedule to the Stamp Duty Ordinance; the Luxembourg statutory provisions and EU Directive do not show the transfer was effected solely by operation of foreign law, and expert opinions lacking explanation were insufficient to displace the instrument's clear operative effect; beneficial ownership of the Hong Kong securities passed to the Receiving Sub-Fund under the Merger Proposal.