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

STAMP DUTIES 353 (1909), 1 K.B. 677] which related to a resolution passed on July 26, 1907, for an increase of capital to an amount not exceeding £5,000,000, and two resolutions subsequently passed for actual increases of £200,000 and £2,800,000 re- spectively, upon which two sums duty was tendered and refused, and it was held that duty was payable on the £5,000,000. Questions have arisen as to the liability to this duty in the case of a consolidation or a re-arrangement of the capital of a company. The leading case on this subject is the Midland Railway Company v. The Attorney-General [(1902), A.C. 171], which had reference to a Special Act of Parliament by which the Midland Railway Company was authorised to re-arrange and consolidate its several descriptions of capital, and the effect of the arrangement was that (1) certain stocks bearing interest at fixed rates were consolidated into one stock bearing a uniform rate of interest, whilst the nominal amount of the stock issued to some of the holders was increased and (2) the ordinary stock was cancelled and extinguished, and in lieu thereof two stocks each for the same amount were created as ‘preferred’ and ‘deferred’ ordinary stocks. It was held by the House of Lords that in each case the increase in the total nominal amount of the stock was an increase in respect of which the duty was payable. In the same way the taking over by one company of the business of another company, in consideration of shares issued by the absorbing company upon an authority by statute to increase its capital, was held to involve a liability to the payment of duty by this company [Great Northern Piccadilly and Brompton Ry. Co. v. A.-G. (1909), A.C. 1]. In the case of a registered company the statement is to be delivered to the Registrar of Companies, and the duty on the first capital is payable on registration, and on any in- crease is payable within fifteen days after the passing of the resolution by which the capital is increased. In the case of any other corporation or company the statement is to be delivered to the Commissioners of Inland Revenue within one month after the date of the formation of the corporation or company or of the increase being authorised. Since the coming into force of the Finance Act, 1927, it will, however, generally be possible to secure a substantial reduction of the duty payable on the statement of nominal share capital on a reconstruction or amalgamation [see s. 55 of the Finance Act, 1927, as amended by s. 31 of the Finance Act, 1928, and supra, p 210)

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