Transfers arising from mortgages of land under Real Property Act 1900
51 Transfers arising from mortgages of land under Real Property Act 1900
The mortgagor and the mortgagee are jointly and severally liable to pay the duty chargeable on a transfer by way of mortgage of dutiable property that is land under the Real Property Act 1900.
If the Chief Commissioner is satisfied that—
duty has been paid in accordance with this section on a transfer of dutiable property to which this section applies, and
the dutiable property has been re-transferred to the mortgagor (or a person to whom the land has been transmitted by death or bankruptcy) and the mortgagor (or person) is the registered proprietor of the land,
the Chief Commissioner must refund the ad valorem duty paid on the transfer less the amount of duty that would have been payable on the mortgage under Chapter 7 (Mortgages).
In this section—
ad valorem duty means ad valorem duty under this Chapter.
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