S.L. 364.15 Art. 7Duty on a transfer.            Cap. 565

(1) In the event that duty on a transfer becomes chargeable in accordance with article 6, the excess, if any, of the amount of the duty so chargeable over the amount of duty that was paid on the deed of that transfer shall become payable to the Commissioner by the person to whom the transfer was made within a period of thirty

(30) days after the date on which the event resulting in the forfeiture of the relief granted under this order takes place: Provided that where the duty referred to in this article is payable in respect of business property or part thereof that had previously been transferred by gratuitous title to the particular individual or individuals, and the Commissioner issues a certificate attesting that the said business property that has been transferred by the said individual or individuals, is replaced within inter vivos one (1) year by an immovable property used solely for a similar purpose in the family business as defined in the Family Business

Act (hereinafter referred to as the "replacement property"), in assessing the duty chargeable in respect of the replacement property, duty payable in accordance with this article shall be allowed as a deduction against duty chargeable on the acquisition of the replacement property: Provided further that the deduction allowed in terms of the preceding proviso shall in no case exceed the amount of duty otherwise chargeable, but for the provisions of this article, on the acquisition of the replacement property.

(2) The provisions of rules 5 and 6 shall apply to the replacement property in the same manner as they apply to the business property and references to "business property" in the said rules shall, where applicable, be construed as referring to the replacement property.