ADVOKS GLOBAL · KENYA
Stamp Duty Act
50. As to sale of an annuity or right not before in existence
Edition: 2026-07-01 · In force
50. As to sale of an annuity or right not before in existence
(1)Where upon the sale of any annuity or other right not before in existence the annuity or other right is not created by actual grant or conveyance, but is only secured by bond, warrant of attorney, covenant, contract or otherwise, the bond or other instrument, or some one of the instruments if there are more than one, shall be charged with the same duty as an actual grant or conveyance and shall for the purposes of this Act be deemed to be an instrument of conveyance on sale.(2)Notwithstanding the provisions of subsection (1), an instrument being a grant or contract for payment of a purchased life annuity shall be chargeable with stamp duty under paragraph (3) of the heading Bond, Covenant or Instrument of any kind whatsoever in the Schedule, whether or not the annuity is a superannuation annuity as defined in that paragraph.(3)In this section, "purchased life annuity" means a life annuity granted for consideration in money or money’s worth in the ordinary course of a business of granting annuities on human life.