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(1) A conveyance or transfer operating as a voluntary disposition inter vivos shall be chargeable with stamp duty as if it were a conveyance or transfer of sale, with the substitution in each of the value of the property conveyed or transferred, for the amount or value of the consideration for the value.

(2) A conveyance or transfer which is not a disposition made in favour of a purchaser, an encumbrancer or other person in good faith and for valuable consideration shall, for the purposes of this section, be considered as a conveyance or tansfer operating as a voluntary disposition inter vivos.

(3) Except where marriage is the consideration, the consideration for a conveyance or tansfer shall not, for the purpose of subsection (2) be considered to be valuable consideration where the Commissioner is of the opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances, the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.

(4) A mortgage or conveyance or transfer made

(a) for nominal consideration for the purpose of securing the repayment of an advance or loan;

(b) to effect the appointment of a new trustee or the retirement of a trustee, whether the trust is expressed or implied;

(c) under which a beneficial interest does not pass in the property conveyed or transferred;

(d) to a beneficiary by a trustee or any other person in a fiduciary capacity under a trust, whether expressed or implied shall not be charged with duty under this section.

(5) Subsection (4) shall have effect despite the circumstances exempting the conveyance or transfer from charge under this section are not set out in the conveyance or transfer.