STAMP DUTIES

359
which the transfer relates has been carried out by the dealer
in the ordinary course of his business (see also Appendix A).
In all these cases the duty is 10s.

A transfer of shares or stock which after being executed
in the United Kingdom is sent unstamped to the Colonies or
abroad for completion and return is allowed to be stamped
without penalty if it is presented for stamping within thirty
days after its return. This is a slight relaxation of the
precise terms of s. 15 of the Act of 1891, which allows instru-
ments first executed abroad and received in the United
Kingdom for the first time after execution to be stamped
within thirty days. The concession was made by the Com-
missioners of Inland Revenue in the year 1896 in view of the
risk of the loss of a stamped document in transit, and of
course only applies on due proof that the transfer is presented
for stamping within the thirty days.

There is a provision in s. 115 of the Act of 189r which
enables a company to enter into an agreement with the
Commissioners of Inland Revenue for the payment of a
half-yearly composition in lieu of the duty on the transfers
of the stock of the company. The entering into such an
agreement is, however, subject to the absolute discretion
of the Commissioners, and for some years past no such
agreement has been entered into with a company.

The stamp duty payable on a share warrant is a duty equal Share
to three times the amount of ad valorem duty which would be Warrants
chargeable on a deed transferring the share or shares or stock “© ©arer
specified in the warrant if the consideration for the transfer
were the nominal value of the share or shares or stock.

The duty was extended in 189g to any instrument to bearer
issued by a company formed or established in the United
Kingdom and having the effect of a share warrant.

Loan capital when not represented by debenture stock is Marketable
usually secured by bonds or debentures. These may either Securities.
be transferable on a register or may be bearer securities.

The charge of duty was in 1862 made applicable to securities
by or on behalf of any foreign state or government or foreign
or colonial municipal body, corporation or company, bearing
date or signed after June 3, 1862, if made or issued in the
United Kingdom, or if the interest is payable in the United
Kingdom and they are transferred or negotiated in the
United Kingdom. The charge was extended in 1885 to
securities of this character which, although originally issued
abroad, are subsequently offered for subscription and delivered
to a subscriber in the United Kingdom. This extension

Composition
of Duty.