When must duty be paid?
Duty is payable within three months after the date of signing the document.
What is the amount secured by the mortgage?
Duty is chargeable on the amount of advances actually secured by the mortgage.
Limited mortgages
If the amount of advances secured or to be secured by a mortgage is a definite and limited sum, the amount secured by the mortgage is, for the purposes of charging mortgage duty, the definite and limited sum, until such time (if any) as a greater amount of advances is secured by the mortgage.
If any advance or further advance is made so that the amount of advances secured by the mortgage exceeds, at any time, the definite and limited sum, the amount on which duty is chargeable is the amount by which the advances or further advances secured by it exceeds the amount on which duty has been paid.
Any increase in the definite and limited sum is taken is taken to be a further advance for the amount of the increase.
'All moneys' mortgage
If the amount of advances secured by a mortgage is not a definite and limited sum, the amount secured by the mortgage is, the amount of advances actually secured by it.
If any advance or further advance is made so that the amount of advances for the time being secured by the mortgage subsequently exceeds the amount of the advances for which the mortgage has been duly stamped under this Act, the amount on which duty is chargeable is, the amount by which the advances or further advances secured by it exceeds the amount on which duty has been paid.
