STAMP DUTIES
upon any life or lives except a policy of insurance against
accident.” -

The stamp duty payable on a policy of life insurance varies
according to the amount insured.

Where the amount insured does not exceed £10 the duty

is 1d.:
Exceeds £10 and does not exceed £25, 3d.:
Exceeds £25 and does not exceed £500, 64. for every £50;
Exceeds £500 and does not exceed £1000, Is. for every
£100;
Exceeds £1000, 10s. for every £1000.

The same liability attaches to fractional parts of £50 and
£100 and £1000 respectively. A contract of life assurance
must be followed by the issue of a stamped policy within
one month after receiving or taking credit for the premium.

The duty applies to an endowment policy being a policy
for a sum to be paid at a specified age with or without a
condition that in the event of the death of the insured under
that age a smaller sum shall be paid to his executors [Pru-
dential Insurance Co. v. Inland Revenue (1904), 2 K.B. 658].
A policy effected under the Married Women’s Property Act,
1882, may be chargeable also with duty as a settlement.
The duty does not apply to policies on the lives of cattle
"A.-G. v. Cleobury, 4 Exch. R. 65].

Other policies relate to insurances against accident as
defined by s. 98 of the Act, 1891, and payments to be made
during sickness or incapacity from personal injury. The
definition was extended by s. 11 of the Finance Act, 1899,
as amended by s. 8 of the Finance Act, 1907, to employers’
liability policies where the annual premium does not exceed
£2. They also relate to policies by way of indemnity against
loss or damage of or to any property.

All these policies are chargeable with the stamp duty of
6d., which may be denoted by an adhesive stamp, and as in
the case of life insurance a stamped policy must be issued
within one month after receiving or taking credit for the
premium.

An employer’s liability policy, where the annual premium Employer’s
is £2 or upwards, is chargeable with the duty of 10s. or of 44., Liability.
according as the policy is under seal or under hand. it is
important to bear in mind that agreements in the form of
policies for the purpose of guaranteeing payments, e.g.
principal or interest on a mortgage, are not chargeable under
this head, but are chargeable as agreements [Mortgage In-
surance Corporation. Limited, v. Inland Revenue, 57 L.J.R.

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