Towns > Edinburgh > 1846-1975 - Post Office Edinburgh and Leith directory > 1888-1889

796
STAMP DUTIES, ETC.
for or relating to the sale or purchase of any
stock or marketable security of the value of £5,
and under £100 Id.
£100 and upwards 6d.
(See Note c.)
Conveyance or Transfer, whether on sale or
otherwise —
(1.) Of any stock of the Governor and Company
of the Bank of England 7s. 9d.
(2.) Of any stock of the East India Co....£l, 10s.
(3.) Of stock of Government of Canada inscribed
in books kept in United Kingdom, for every
£100, and also for any fractional part of £100,
of the nominal amount transferred (37 and 38
Vict. c. 26, § 2) 2s. 6d.
(Government of Canada may compound for
existing stock by paying £3692, 2s. 6d., 37
and 38 Vict. c. 26, § 3.) May compound
for future stock by paying Is. 3d. for every
£10 or fractional part of stock inscribed in
name of each holder. Transfers of stock com-
pounded for exempt (43 and 44 Vict. c. 20, §§
54 (2) 53).
Note.—'Ej Act 45 and 46 Vict. c. 72, § 17,
stocks, Schedule II. to Act, inscribed in books
in United Kingdom before 1st April 1886, the
Government of Canada may pay to the Com-
missioners of Inland Kevenue, by way of com-
position for the stamp duty chargeable on
transfers of such stock, at the rate in the
Canadian Stamp Act, 1874, instead of the
Inland Eevenue Act 1880, 45 and 46 Vict. c.
72, § 17.
[(4.) Of stock of Government of any Colony in-
scribed in register kept in United Kingdom, for
every £100, and also for any fraction less than
£100, or over and above £100, or a multiple of
£100 of the nominal amount transferred (40
and 41 Vict. c. 59, § 2) 2s. 6d.
(Government of Colony may comijound for stock
by paying Is. Sd. for every £10, and for any
fraction, etc. of the nominal amount inscribed
in the name of each stock-holder. Transfer
of stock compounded for exempt (43 and 44
Vict. c. 20, §§ 64 (3) 53).
(Stock certificate to bearer, and transferable by
delivery, may be issued by Registrar. If duty
c. [Tiie term 'contract note ' means tbe note sent
by a broker or agent to his principal (excejDt where
such principal is acting as broker or agent for a
principal) advising him of the sale or purchase of
any stock or marketable security. Person effect-
ing sale or purchase as broker or agent shall forth-
■with make and execute contract note and transmit
same to principal. In default, penalty £20. Where
note advises sale or purchase of stock or market-
able security, note to be deemed as many contract
notes as there are descriptions of stock or security.
—51 Vict. c. 8, § 17.]
§ 69 (1.) The duties of Id. may be denoted by
an adhesive stamp, which is to be cancelled by
the person by whom the note is first executed.
[Duties of 6d. to be denoted by apjoropriated
adhesive stamp or stamps, to be cancelled by
person by whom note executed. This duty may
be added to charge for brokerage or agency.
—51 Vict. c. 8, § 16.]
(2.) Every person who makes or executes any
contract note chargeable with duty, and not being
duly stamped, shall forfeit the sum of £20.
(3.) No broker, agent, or other person shall have
any legal claim to any charge for brokerage, com-
mission, or agency, with reference to the sale or
purchase of any stock or mai-ketable security of the
value of £5 or upwards, mentioned or referred to in
any contract note, unless such note is duly stamped.
not compounded for, such stock certificate
liable to 2s. 6d. for every £100 and fraction,
etc., 40 and 41 Vict. c. 59, § 8).]
[Where debenture stock, corporation stock,
municipal stock, or funded debt, etc., has been
created and issued by the council of any city
or municipal borough under Local Loans Act,
1875, or other Act, council may, with sanction
of Treasury, agree with Inland Eevenue for
composition for stamp duty on transfers of
such stock of sum,
(1.) At rate of Is. 3d. for every £10 and fraction
of £10 of nominal amount of stock inscribed
in name of each holder at date of composition
with the addition,
(2.) When period within which stock to be
redeemed or paid off, etc., exceeds sixty years,
but does not exceed one hundred years from
that date, of 3d. for every such £10 or fraction
of £10, and
(3.) If said period exceeds one hundred years or
no period fixed for redemption or payment off,
etc., with the addition of said sum of od., and
a further sum of 3d. for every such £10 or
fraction of £10.
Transfers of stock compounded for exempt.
Where such stock issued in lieu of mortgages
or debentures, on the issue of which, stamp
duty paid, it shall be lawful for Treasury to
reduce composition by amount of stamp duty
so paid, or any part thereof (43 and 44 Vict.
c. 20, § 53). The provision in this section (63)
not to apply to debenture stock, etc., created
or issued after 5th July 1887 (60 and 51 Vict.
c. 15, § 14 [1]). The composition for the
stamp duties on the transfer of shares, stocks,
funded debt, and ' county stock ' of any com-
pany or corporation or justices shall be, upon
the aggregate amount appearing on the half-
yearly account delivered to the Commissioners
of Inland Eevenue, for every full sum of
£100, and any fractional part of £100 of such
amount, the duty of 6d. (50 and 61 Vict. c. 15,
§ 8). The company, corporation, or justices
may enter into an agreement with the Com-
missioners for the delivery of an account
showing the nominal amount of all shares,
stock, and funded debt of such company, cor-
poration, or ' county stock' of the county, etc.,
or the amount thereof in respect of which
payment has been made. The agreement
when entered into shall be delivered to the
Commissioners, and a like account shall be
delivered half-yearly in each year (50 and 51
Vict. c. 15, § 9). The time for the delivery
of the account is within seven days of the 1st
February and 1st August. The duty shall
be paid on delivery of the account, and, if not
paid, shall be a debt to Her Majesty \lh.
§ 11 [1]). When the first account under the
Act shall be delivered between the two half-
yearly days, such account shall be charged
with an amount of duty proportionate to the
period between the date of the delivery of the
account and the first succeediog half-yearly
day (Jb. § 11 [2]). In the case of wilful
neglect to deliver tbe account or pay the duty,
the company, corporation, or county justices
shall be liable to pay to Her Majesty a sum
equal to £10 per centum upon the amount of
duty payable, and a like penalty for every
mouth after the first month during which
such neglect shall continue {lb. § 12). So soon
as account delivered and payment of duty
made, transfers of shares, stock, or funded
debt, or ' county stock ' included in the