4 Jun 2021
DANIX LTD v. COLLECTOR OF STAMP REVENUE
- Citation
- [2021] HKDC 659
- Court
- District Court
- Case number
- DCSA44/2013
The court found that the four assignments were interdependent and part of a larger transaction; the 6-year tenancy arrangements and alleged upfront rental payments were artificial and lacked commercial sense and supporting evidence; therefore under s27(4) the stated considerations were not valuable consideration, the assignments were deemed voluntary dispositions inter vivos and stamp duty must be assessed by reference to the Commissioner’s aggregate valuation of the Property ($15,730,000) at the applicable rate (3.75%), resulting in stamp duties and refunds as set out in the judgment.