390
TRANSFER on sale or operating as a Voluntary Disposi-
tion inter vivos of Stock, Shares or Marketable
Securities where the amount or value of the con-
sideration for the sale (or, in the case of Voluntary
Disposition inter vivos, the value of the property) Ls. d.
does not exceed £5 .. a. . .s .. OO I oO
Exceeds £5 and does not exceed fI10 .. .. ©0 2 oO
“10 £15 .. .. ©0 3 oO
3 ‘20 .. 0 4 O
0 25 oO 5 O
5 £50 .. o 10 ©
£50 £75 -- 015 0
£75 £100 .. I 0 ©
£100 £125 .. I 5 O
£125 f150 .. I I0 O
£150 175 .. I 15 O
£175" £200 .. . 2 0 Oo
£200 {225 .. .. 2 5 oO
£225 [250 .. .. 210 O
£250 .. £275 .. eo 2 3 o
£275 Wy )s £300 .. .. 3 0
£300, for every £50, and also for any frac-
tional part of £50 of such amount of value o 10 ©
‘Marketable Security’ includes the registered Bonds and
Debentures, generally, of Companies, Corporations and
Public Bodies.

SECRETARIAL PRACTICE

A transfer of any Stock, Shares or Marketable Security
operating as a Voluntary Disposition inter vivos, is charge-
able with ad valorem stamp duty at the above rates on the
value of the property transferred. No such transfer is
duly stamped unless it bears the Adjudication Stamp of the
Commissioners of Inland Revenue. Registering Officers
should therefore decline to register any transfers inter vivos
by way of gift, unless they bear the Adjudication Stamp.
An exception may, however, be made where the transfers
are stamped with ad valorem duty upon the market value
of the Stock or Securities at the date of the instrument, it
being open to the Registering Officer to obtain the Adjudi-
cation Stamp at any time subsequently, should necessity
arise.
By s. 42 of the Finance Act, 1920, special provision is
made for the case of transfers to a dealer on a Stock Ex-
change, as therein defined, or his nominee, when the
transaction to which the transfer relates has been carried
out by the dealer in the ordinary course of his business.
Such transfers are sufficiently stamped with Ios. if, in
addition to that duty, they bear the special supplementary
stamp under the terms of the Section, and should in no
sircumstances be registered unless they bear this stamp.