1157. Transfer to sub-purchaser.

Where a person who has contracted for the purchase of any property but has not obtained a conveyance of it contracts to sell the same property to another person, and the property is in consequence conveyed immediately to the sub-purchaser, the ad valorem stamp duty payable is calculated in respect of the consideration moving from the sub-purchaser1. There is an exception to inhibit avoidance of duty by means of a sub-sale2.

Similarly, where a person who has contracted for the purchase of any property but has not obtained a conveyance of it contracts to sell the whole or any part