(1) A
dutiable transaction is a "concessional transaction” for the purposes of
this section if the instrument effecting or evidencing it would have been
chargeable with duty under the Stamp Act 1921 Second Schedule
item 4(5), if it had been first executed before 1 July 2008.
(2) Duty is chargeable
on a concessional transaction at the applicable concessional rate of duty.