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

366 SECRETARIAL PRACTICE Inland and The distinction between an inland bill or note and a Foreign Bills. foreign bill or note is explained in s. 36 of the Act of 1897, which is as follows: — A bill of exchange or promissory note which purports to be drawn or made out of the United Kingdom is for the purpose of determining the mode in which the stamp duty thereon is to be denoted to be deemed to have been so drawn or made, although it may in fact have been drawn or made within the United Kingdom. There is not any similar provision with regard to a bill or note which is in fact drawn or made out of the United Kingdom, but purports to be drawn or made within the United Kingdom. The stamp duty on such a bill or note should be denoted by the adhesive stamp applicable to a foreign bill or note. Sir M. D. Chalmers, in his work on the Bills of Exchange Act, summarises the effect of the Stamp Act as follows: — ‘Bills payable on demand, whether inland or foreign, may be stamped with either adhesive or impressed stamps, though of course a foreign bill would not be likely to be on an impressed stamp; foreign notes of all kinds and foreign bills payable otherwise than on demand must be stamped with adhesive stamps; inland notes of all kinds and inland bills payable otherwise than on demand must be drawn on impressed stamps.’ Penalties for S. 38 (1) provides that ‘every person who issues, indorses, [ssuing transfers, negotiates, presents for payment, or pays, any bill Dnstamped of exchange or promissory note liable to duty and not being ’ duly stamped shall incur a fine of £10, and the person who takes or receives from any other person any such bill or note either in payment or as security, or by purchase or otherwise, shall not be entitled to recover thereon, or to make the same available for any purpose whatever.” The only qualification of this provision is that contained in s. 38 (2) already quoted relating to bills chargeable with the fixed duty of 24. Exemptions There are eleven exemptions from the charge of duty trom Duty on ypon bills of exchange and promissory notes. The most Lin A important of them relate to the business of banking and to the business of public departments. These latter include an exemption in favour of a ‘bill drawn in the United Kingdom for the sole purpose of remitting money to be placed to any account of public revenue.” This exemption was the subject of a decision [Committee of London Clearing Bankers Vv. Inland Revenue (1806), 1 O.B. 222] in which it was

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