4.—(1) This rule applies to a contract or agreement for the sale of equity interests in an entity executed on or after 11 March 2017, where —| (a) | the contract or agreement is rescinded or annulled; and | | (b) | the purchaser did not procure the rescission or annulment with a view to facilitating the disposition of the equity interests by the vendor to another person. |
(2) Subject to rules 2 and 3, the amount in excess of $50 of each of the following duties that is chargeable on the contract or agreement is remitted:| (a) | the duty chargeable under Article 3(c) of the First Schedule to the Act by reason of section 22(1) of the Act; | | (b) | the duty chargeable under section 23 (read with section 23B) of the Act. |
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(3) Paragraph (2) only applies if —| (a) | the person who paid or is liable to pay the duty provides such evidence of the rescission or annulment as may be required by the Commissioner —| (i) | within 6 months starting on the date of the rescission or annulment; or | | (ii) | within such longer period as the Commissioner considers reasonable, if the evidence cannot be provided within the period in sub‑paragraph (i) because of unavoidable circumstances; and |
| | (b) | the contract or agreement is surrendered for cancellation within the period mentioned in sub‑paragraph (a), unless the Commissioner dispenses with the surrender in a particular case or the instrument has already been surrendered for cancellation in relation to an earlier remission under this rule. |
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| (4) In this rule, “entity” and “equity interest”, in relation to an entity, have the meanings given by section 23(21) of the Act. |
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