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Stamping of Instruments After Execution

instrument, stamped, duty, penalty, stamp, act, commissioners and pounds


Penalty upon Stamping Instruments after Execution.

(I) Save where other express pro vision is in this Act made, any un stamped or insufficiently stamped instrument may be stamped after the execution thereof, on payment of the unpaid duty and a penalty of ten pounds, and also by way of further penalty, where the un paid duty exceeds ten pounds, of interest on such duty, at the rate of five pounds per centum per annum, from the day upon which the instru ment was first executed up to the time when the amount of interest is equal to the unpaid duty.

" (2) Inthe case of suchinstruments herein after mentioned as are chargeable with ad valorem duty, the following provisions shall have effect : (a) The instrument, unless it is written upon duly stamped material, shall be duly stamped with the proper ad valorem duty before the expiration of thirty days after it is first executed, or after it has been first re ceived in the United King dom in case it is first exe cuted at any place out of the United Kingdom, unless the opinion of the Commis sioners with respect to the amount of duty with which the instrument is chargeable, has, before such expiration, been required under the provisions of this Act : " (b) If the opinion of the Com missioners with respect to any such instrument has been required, the instru ment shall be stamped in accordance with the assess ment of the Commissioners within fourteen days after notice of the assessment : " (c) If any such instrument exe cuted after the sixteenth day of May one thousand eight hundred and eighty-eight has not been or is not duly stamped in conformity with the foregoing provisions of this sub-section, the person in that behalf hereinafter specified shall incur a fine of ten pounds, and in ad dition to the penalty payable on stamping the instrument there shall be paid a further penalty equivalent to the stamp duty thereon, unless a reasonable excuse for the delay in stamping, or the omission to stamp, or the insufficiency of stamp, be afforded to the satisfaction of the Commissioners, or of the Court, judge, arbitrator, or referee before whom it is produced : " (d) The instruments and persons to which the provisions of this sub-section arc to apply are as follows :— " (3) Provided that save where other express provision is made by this Act in relation to any particular instrument : " (a) Any unstamped or insuffi ciently stamped instrument which has been first exe cuted at any place out of the United Kingdom, may be stamped, at any time within thirty days after it has been first received in the United Kingdom, on payment of the unpaid duty only : and " (b) The Commissioners may, if they think fit, at any time within three months after the first execution of any instrument, mitigate or re mit any penalty payable on stamping.

" (4) The payment of any penalty pay able on stamping is to be denoted on the instrument by a particular stamp." " By the Finance Act, 1895 : " 15. So much of Section 15 of the Stamp Act, 1891, as limits the time within which the Commissioners of Inland Revenue may mitigate or remit any penalty payable on stamping shall be repealed.") Penalty for Enrolling, etc., Instrument not duly Stamped.

" 17. If any person whose office it is to enrol, register, or enter in or upon any rolls, books, or records any instrument chargeable with duty, enrols, registers, or enters any such instrument not being duly stamped, he shall incur a fine of ten pounds.

Conditions and Agreements as to Stamp Duty l'oid.

"117. Every condition of sale framed with the view of precluding objection or requisition upon the ground of absence or insufficiency of stamp upon any instrument executed after the sixteenth day of May one thousand eight hundred and eighty-eight, and every con tract, arrangement, or undertaking for assuming the liability on account of absence or insufficiency of stamp upon any such instrument or indemnifying against such liability, absence, or insufficiency, shall be Void." (1) Transfers of shares in the Government or Parliamentary stocks or funds.

(2) Instruments for the sale, transfer, or other disposition either absolutely or by way of mortgage, or otherwise, of any ship or vessel, or any part, interest, share, or pro perty of or in any ship or vessel.

(3) Instruments of apprenticeship, bonds, contracts, and agreements entered into in the United Kingdom for or relating to the service in any of Her Majesty's colonies or posses sions abroad of any person as an artificer, clerk, domestic servant, handicraftsman, mechanic, gardener, servant in husbandry, or labourer.

(4) Testaments, testamentary instruments, and dispositio is mortis cause; in Scotland.

(5) Bonds given to sheriffs or other persons in Ireland upon the replevy of any goods or chattels, and assignments of such bonds.

(6) Instruments made by, to, or with the Commissioners of Works for any of the purposes of the Act 15 & 16 Vict. c. 28.

(7) Deeds or instruments made or exe cuted for the purpose of the Post Office, by, to or with Her Majesty, or any officer of the Post Office (44 & 45 Vict. c. 20, Section 5).

The following regulations were issued by the Board of Inland Revenue, Somerset House, December, 1902 :—