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

362 SECRETARIAL PRACTICE of three years from the date when the duty becomes charge- able—that is to say, the first issue of the security, or, in the case of a security not issued in the United Kingdom, the first transfer, or negotiation in the United Kingdom— and the date is conspicuously stated on the face of the security. The reduced duty, which applies to all bearer securities not being colonial government securities, is for every £10, or fractional part, 6d., if the security will expire within a year, and 1s. if the security will expire after a year and within three years; and it 41s provided that if the security is not paid off within the stated period, and there is any subsequent dealing, the full rate of duty shall become payable, subject to an allowance of the duty already paid. The duty chargeable in respect of a substituted security Joes not apply where the reduced rate of duty is paid under “his section. Loans repay- The duty is charged on the amount secured, and accord- ible 5 a ingly, if a debenture is issued upon a loan of a sum repayable "unconditionally with a premium thereon, the aggregate amount of the loan and the premium is the amount secured upon which the duty is payable. This was decided in the case of Rowell v. The Commissioners of Inland Revenue [(1897), 2 Q.B. 194], but is was subsequently held that if the terms of the debenture are such that the premium mentioned therein is only payable if it is paid off upon a notice, so that the payment of the premium merely depends upon the will and pleasure of the company, who are under no obligation to give the notice, the premium is not to be taken into account in computing the duty [Knights Deep Limited v. Inland Revenue (1900), 1 Q.B. 217], and this principle is considered to be equally applicable to a premium which will become payable only in the case of the voluntary winding up of the company issuing the security. Questions have arisen as to the extent of the charge of duty on a debenture, and reference may be made to the case of The British India Steam Navigation Co. v. The Com- missioners of Inland Revenue, 7 Q.B.D. 165, decided in 1881, which related to an instrument not under seal issued by an English company, with coupons for interest attached, and purporting on the face of it to be a debenture, and to the decision of the House of Lords in 1908 in the case of Speyer Bros. v. The Commissioners of Inland Revenue (1907), 1 K.B. 246, which related to a Treasury note issued by a foreign government with coupons for interest attached, although giving no security to the holder beyond the promise to pay the face amount of the note, in both of which cases it was held that the charge of duty applied. It was held in

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