(1) Subject to
subsection (2), liability for duty chargeable on a dutiable transaction
described in Schedule 1 column 2, arises at the earlier of —
(a) the
time referred to opposite the transaction in column 3; or
(b) if
the transaction is, or will be, effected by an instrument, when the instrument
is executed.
(2) If a general
conditional agreement is terminated on relevant grounds before a transaction
record for it is required to be lodged under section 23 then liability
for duty does not arise in respect of the general conditional agreement.