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 upon any life or lives except a policy of insurance against accident.” - The stamp duty payable on a policy of life insurance varies according to the amount insured. Where the amount insured does not exceed £10 the duty is 1d.: Exceeds £10 and does not exceed £25, 3d.: Exceeds £25 and does not exceed £500, 64. for every £50; Exceeds £500 and does not exceed £1000, Is. for every £100; Exceeds £1000, 10s. for every £1000. The same liability attaches to fractional parts of £50 and £100 and £1000 respectively. A contract of life assurance must be followed by the issue of a stamped policy within one month after receiving or taking credit for the premium. The duty applies to an endowment policy being a policy for a sum to be paid at a specified age with or without a condition that in the event of the death of the insured under that age a smaller sum shall be paid to his executors [Pru- dential Insurance Co. v. Inland Revenue (1904), 2 K.B. 658]. A policy effected under the Married Women’s Property Act, 1882, may be chargeable also with duty as a settlement. The duty does not apply to policies on the lives of cattle "A.-G. v. Cleobury, 4 Exch. R. 65]. Other policies relate to insurances against accident as defined by s. 98 of the Act, 1891, and payments to be made during sickness or incapacity from personal injury. The definition was extended by s. 11 of the Finance Act, 1899, as amended by s. 8 of the Finance Act, 1907, to employers’ liability policies where the annual premium does not exceed £2. They also relate to policies by way of indemnity against loss or damage of or to any property. All these policies are chargeable with the stamp duty of 6d., which may be denoted by an adhesive stamp, and as in the case of life insurance a stamped policy must be issued within one month after receiving or taking credit for the premium. An employer’s liability policy, where the annual premium Employer’s is £2 or upwards, is chargeable with the duty of 10s. or of 44., Liability. according as the policy is under seal or under hand. it is important to bear in mind that agreements in the form of policies for the purpose of guaranteeing payments, e.g. principal or interest on a mortgage, are not chargeable under this head, but are chargeable as agreements [Mortgage In- surance Corporation. Limited, v. Inland Revenue, 57 L.J.R. 371

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