30 Dec 1968
HARBOUR CENTRE DEVELOPMENT LTD v. COLLECTOR OF STAMP REVENUE
- Citation
- HARBOUR CENTRE DEVELOPMENT LTD v. COLLECTOR OF STAMP REVENUE
- Court
- District Court
- Case number
- DCSA2/1968
The royalty could constitute part of the consideration in principle, but the Collector erred in assessing it by treating the $2,500,000 redemption option as the value of the royalty. A unilateral option to redeem is not an antecedent binding payment and, absent a statutory mechanism to value indefinite contingent periodic payments, the redemption figure does not form part of the assessable consideration. Duty is therefore chargeable only on the $15,000,000 stated in the assignment.