Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXIX. Stamp duties

Collection:: Economics Books

360 SECRETARIAL PRACTICE Trust Deeds. Registered Bonds. Securities to Bearer. followed a decision in 1876 in the case of Grenfell v. The Commissioners of Inland Revenue [1 Ex. D. 242], in which it had been held that securities tendered for and purchased en bloc in New York and subsequently placed upon the British market and allotted and delivered by the purchasers to persons in the United Kingdom who offered to take them upon the terms of a prospectus issued to them by the pur- chasers, were made and issued in New York. It frequently happens that debentures or debenture stock are secured by trust deeds, and the practice with regard to stamping these deeds is as follows: If the trust deed is to secure debentures, it is stamped with the fixed duty of 10s. and the ad valorem duty is paid upon the debentures at the rate properly applicable to them. If, however, the trust deed is to secure debenture stock, the certificates for the stock are not chargeable with any duty, and the trust deed is accordingly stamped with the same ad valorem duty as a mortgage—namely, a duty at the rate of 2s. 6d. per cent. The stamp duty charged upon registered bonds or securities is at the rate of 2s. 6d. per cent. as in the case of a mortgage, or if issued in substitution for a like security which was duly stamped is at the rate of 64. per cent., but since August 4th, 1903, the maximum duty is 10s., as provided by s. 7 of the Revenue Act, 1903. The duty payable upon the transfer of such securities is the same as in the case of a transfer of shares or stock. These same rates of duty apply to all colonial government securities. Until the year 1910 the stamp duty charged upon bearer securities (except colonial government securities), bearing date or signed after August 6, 1885, was charged at the rate of 1s. for every £10 or fractional part of £10, or in the case of such a security issued in substitution for a like security duly stamped at the rate of 64. for every £20 or fractional part of £20. The stamp duty on securities bearing date before or on August 6th, 1885, was the same as upon registered securities. Before the year 189g three considerations had to be taken into account for the purpose of determining whether a foreign bearer security transferred or negotiated in the United Kingdom was chargeable with stamp duty— namely: (1) the date of the security; (2) whether the security was made or issued in the United Kingdom; and if not (3) whether the interest thereon was payable in the United Kingdom, but as from August 1st, in that year the charge of duty of 1s. for every £10 or fractions part of £10 was applied by s. 4 of the Finance Act, 1899, to foreign and colonial

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