BILL OF EXCHANGE of any other kind whatsoever (except a Bank Note) and PROMISSORY NOTE of any kind whatsoever (except a BankNote)—drawn , or expressed to be payable, or actually paid, or indorsed. or in any manner negotiated in the United King dom.
s. d.
Where the amount or value of the money for which the bill or note is drawn or made does not ex ceed -1.5 0 0 1 Exceeds /5 and does not exceed/10 0 0 2 „ /10 £25 0 0 3 „ /,25 150 0 0 6 „ /50 £75 0 0 9 „ £75 /100 0 1 0 • .1100— for every /100, and also for any fractional part of 1100. of such amount or value . . . . 0 1 0 Exemptions.
(1) Bill or note issued by the Bank of England or the Bank of Ireland.
(2) Draft or order drawn by any banker in the United Kingdom upon any other banker in the United King dom, not payable to bearer or to order, and used solely for the purpose of settling or clearing any account between such bankers.
(3) Letter written by a ban ker in the United Kingdom to any other banker in the United Kingdom, direct ing the payment of any sum of money, the same not being payable to bearer or to order, and such letter not being sent or delivered to the person to whom payment is to be made or to any person on his behalf.
(4) Letter of credit granted in the United Kingdom, authorising drafts to be drawn out of the United Kingdom payable in the United Kingdom.
(5) Draft or order drawn by the Paymaster-General on behalf of the Court of Chancery in England or by the Accountant - General of the Supreme Court of Judicature in Ireland.
(6) Warrant or order for the payment of any annuity granted by the National Debt Commissioners, or for the payment of any dividend or interest on any share in the Govern ment or Parliamentary stocks or funds.
(7) Bill drawn by any person under the authority of the Admiralty, upon and pay able by the Accountant General of the Navy.
(8) Bill drawn (according to a form prescribed by Her Majesty's orders by any person duly authoried to draw the same) upon and payable out of any public account for any pay or allowance of the army or auxiliary forces or for any other expenditure con nected therewith.
(9) Draft or order drawn upon any banker in the United Kingdom by an officer of a public depart ment of the State for the payment of money out of a public account.
(10) Bill drawn in the United Kingdom for the sole pur pose of remitting money to he placed to any ac count of public revenue.
[It has been held that this applies only to money which is already public money.] (11) Coupon or warrant for interest attached to and issued with any security, or with an agreement or memorandum for the re newal or extension of time for payment of a security.
By the Finance Act, 1894, Section 40, a coupon or warrant for interest on a market able security, being one of a set of coupons whether issued with the security or subsequently issued in a sheet, is exempt.
A coupon attached to a scrip certificate is not exempt. See also the exemptions in the article CHEQUE.
By the Finance Act, 1899, Section 10. the duty on Bills of Exchange drawn and expressed to be payable out of the United Kingdom, when actually paid or indorsed or in any manner negotiated in the United Kingdom, shall, where the amount of the money for which the bill is drawn exceeds fifty pounds, be reduced so as to be :— Where the amount exceeds f,50 and does not exceed E,100, 6d.
Where the amount exceeds 1100, Sd. for every /100, and also for any fractional part of fl 00 of that amount.
(Where the amount does not exceed /50, the duty is as in the Schedule above.) For the purpose of stamp duty, a bill or promissory note which purports to be drawn or made out of the United Kingdom is treated as a foreign bill. The Isle of Man and the Channel Islands are out of the United Kingdom, and a bill drawn there and negotiated in the United Kingdom is there fore a foreign bill, so far as stamp duty is concerned. But under the Bills of Exchange Act, 1882 (Section 4) a bill drawn and payable within the British Islands (which include the Isle of Man and the Channel Islands) is an inland bill.