1152. Consideration for the sale.

Ad valorem duty on a transfer on sale is imposed by reference to the amount or value of the consideration for the sale1. In order to ascertain the consideration for the sale, regard may be had to all the circumstances which exist when the instrument is executed, and not merely to the consideration stated in the instrument2.

Where an agreement was entered into for the sale of property to a company for consideration which included the issue to the vendor of all the company's authorised capital, and the agreement was carried out by a conveyance of the property expressed to