HC Deb 15 April 1947 vol 436 cc98-100

19. Conveyances, Transfers and Leases

Resolved: That the stamp duties charged under or by reference to the headings 'Conveyance or Transfer, whether on sale or otherwise', 'Conveyance or Transfer on sale of any property' and 'Lease or Tack' in the First Schedule to the Stamp Act, 1891, shall be double those now chargeable, but this Resolution—

  1. (a) shall not affect the operation of any enactment limiting an ad valorem duty to ten shillings in certain cases;
  2. (b) shall not apply to the duty chargeable on any conveyance or transfer on sale, other than of any stocks (including units under a unit trust scheme) or marketable securities, or to the duty chargeable in respect of any consideration other than rent for a lease at a rent not exceeding twenty pounds a year where the conveyance or transfer or the lease is not a transaction, and does not form part of a larger transaction, or of a series of transactions, in respect of which 99 the amount or value or the aggregate amount or value of the consideration exceeds fifteen hundred pounds; and
  3. (c) shall not apply to the duty chargeable on a lease (other than a lease operating as a volutary disposition inter vivos) for an indefinite term or a term not exceeding thirty-five years where the sole consideration is a rent not exceedings one hundred pounds a year."

20. Stocks, Marketable Securities and

Letters of Allotment, etc.

Resolved: That—

  1. (a) the stamp duties charged on marketable securities, share warrants and stock certificates to bearer, and on other instruments to bearer, shall be double those now chargeable;
  2. (b) the stamp duties charged under section one hundred and fourteen of the Stamp Act, 1891, as amended by subsequent enactments, and under section thirty-seven of the Finance Act, 1939, by way of composition for the stamp duty chargeable on transfers of certain stocks and the stamp duty charged under section one hundred and fifteen of the Stamp Act, 1891, as amended by subsequent enactments, by way of composition in respect of the transfer of certain stocks (including units under unit trust schemes) and otherwise shall be double those now chargeable;
  3. (c) the stamp duties charged on contract notes in respect of stocks (including units under unit trust schemes) and marketable securities shall be double those now chargeable; and
  4. (d) the stamp duties charged on letters of allotment, letters of renunciation and other documents having the effect of a letter of allotment, and on scrip certificates and similar documents shall be double those now chargeable "

21. Loan Capital, Bonds, Mortgages, etc.

Resolved: That—

  1. the stamp duty charged on loan capital under section eight of the Finance Act, 1899, shall be double that now chargeable;
  2. (b) the stamp duties charged under or by reference to the headings "Bond, Covenant or Instrument" and "Mortgage, Bond, Debenture, Covenant and Warrant of Attorney" in the First Schedule to the Stamp Act, 1891, shall be double those now chargeable; and
  3. (c) the reference in the heading "Bond given pursuant to the directions of any Act," etc., in the said Schedule to duties of excise or customs shall include a reference to purchase tax."

22. Bonus Issues of Securities

Resolved: That where on or after the sixteenth day of April, nineteen hundred and forty-seven, a company issues any shares or other securities or increases the rights or reduces the liabilities attached to any shares or other securities and does so by way of bonus to members or debenture holders of itself or of another company, a statement shall be made of the value of the bonus, and that statement shall be charged with an ad valorem stamp duty of ten pounds for every hundred pounds or part of a hundred pounds of the value of the bonus, and any Act of the present Session relating to Finance may contain provision—

  1. (a) for determining how far any matter is to be treated as being by way of bonus to any persons, and in particular for so treating an issue if the offer is limited to those persons or if in connection with the issue those persons receive preferential treatment; and
  2. (b) for determining the value of the bonus."

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