Associated Motorways PLC vs. Commissioner General of Inland Revenue – sllr 2009 volume 2 page 370

In the case between Associated Motorways PLC and the Commissioner General of Inland Revenue, the court addressed the issue of the proper method for valuing shares for the purpose of stamp duty assessment on a bonus share issue. It was determined that the statutory language of the Stamp Duty Act mandates the use of the market value, rather than the par value, for such assessments. This holding reaffirmed the principle that statutory definitions and legislative intent, as reflected in the Act and relevant gazette notifications, govern the calculation of stamp duty. The decision analyzed the interplay between the Stamp Duty Act No. 43 of 1982, Finance Act No. 11 of 2002, and the Stamp Duty (Special Provisions) Act No. 12 of 2006, concluding that the relevant provisions and gazette orders (P8