18.
| (1) A conveyance, the consideration or any part of the consideration for which consists of money payable periodically or any instrument for the creation or sale of any annuity or other right to a periodical payment not before in existence, shall be chargeable with the same stamp duty as on a conveyance of property for the consideration set out in such instrument. Where no consideration is so set out, the consideration shall be deemed to be an amount ascertained in accordance with subsection (2). |
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| (2) Where the periodical payment is
| | (a) for a definite period which can be previously ascertained, the total amount payable in that period; | | |
| | (b) for an indefinite period not terminable with life, the total amount as can be ascertained as payable during the period of twenty years calculated from the date on which the first payment becomes due; | | |
| | (c) for a period terminable with any life or lives, the total amount as can be ascertained as payable during the period of fifteen years calculated from the date on which the first payment becomes due | | |
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Sri Lanka Consolidated Acts