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Leases for a Period less than a year to be chargeable with Stamp Duty on the Rent reserved.
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XXIII. ‘And whereas by the said Act of the Thirteenth and Fourteenth Years of Her Majesty and this Act respectively certain ad valorem Stamp Duties are granted and imposed upon Leases or Tacks of any Lands, Tenements, Hereditaments, or Heritable Subjects at a yearly Rent, and Doubts are entertained whether the said Duties extend to any Lease or Tack for any Term or Period less than a Year:’ For the Removal of such Doubts, be it enacted, That where any Lease or Tack of any Lands, Tenements, Hereditaments, or Heritable Subjects shall be made for any Term or Period less than a Year at a Rent reserved or payable for the same, such Lease or Tack shall be chargeable with the same ad valorem Duty as a Lease or Tack at a yearly Rent of the same Amount as the Sum so reserved or payable.
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