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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXIX. Stamp duties

Collection:: Economics Books

Transfers of Stocks, Shares, and Securities. Gifts inter vivos. SECRETARIAL PRACTICE fa 1907, includes any ‘affidavit or declaration required by aw. Until 1907 it was necessary for the purpose of this exemption that an affidavit or declaration required by law should be made before a justice of the peace, but this is not now neces- sary. The document must, however, be required by law, and the exemption is, therefore, not applicable to a statutory declaration required by a company to be made upon the death of the holder of stocks or shares merely to establish the identity of the deceased person with the person whose name appears on the register of stocks and shares. A statu- tory declaration relating to one transaction is not liable to more than one duty by reason of its being a joint declaration made as to the whole of it by one person, and as to part of it by another person [Reversionary Interest Society v. Inland Revenue, 22 T.L.R., 740]. One of the most important duties in the business of a sompany is the keeping of the register of stocks, shares and securities, and the entering of transfers of stocks and shares and securities on that register. The transfer of any description of registered shares, stocks or securities in a company is required to be evidenced by an instrument of transfer; no transfer can be registered unless a proper instrument of transfer is delivered to the company [s. 63 of the Companies Act, 1929], and the instrument, if the transfer is on sale, is charged by the Stamp Act, 1891, amended by the Finance Act, 1920, with duty according to the con- sideration passing from the purchaser to the vendor. For the rates of duty see Appendix A. A transfer operating as a voluntary disposition #nfer vivos is chargeable with the like stamp duty as a transfer on sale with the substitution of the value of the shares or stock transferred for the considera- tion, and applies equally to transfers of registered marketable securities. The Act provides in sub-s. (2) of s. 74 that no transfer operating as a voluntary disposition inter vivos shall be deemed to be duly stamped unless the Commissioners of Inland Revenue have expressed their opinion thereon, and a secretary of a company can therefore refuse to accept for registration any such transfer unless it bears an adjudication stamp. The charge of ad valorem duty does not apply in seven cases of transfer specified in the Inland Revenue Circular (see Appendix A), to which should be added two other cases, viz., the transfer of stock or shares by an executor or adminis- trator to himself in his representative capacity and transfers to a dealer on a Stock Exchange (as defined by s. 42 of the Finance Act, 1020), or his nominee when the transaction to

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