Stamp Duties - Law Dictionary Search Results
Home Dictionary Name: stamp dutiesStamp duties
Stamp duties, a branch of the revenue. They are a tax imposed on all parchment and paper whereon certain legal proceedings and certain private ins-truments re written; and on licences for various purposes.The consolidating Stamp Act, 1870, superseded the very numerous older enactments [in great part repealed by the (English) Inland Revenue Repeal Act, 1870 (33 & 34 Vict. c. 90)] in regard to the duty on the various classes of instruments, but by s. 17 of the Stamp Act, 1870 (re-enacted by s. 14 of the Stamp Act, 1891), reversing the former law, see Buckworth v. Simpson, (1835) 1 CM&R 384, the stamp to be affixed to an unstamped document to render it admissible in evidence was not the stamp in accordance with the law at the time of affixing it, but the stamp in accordance with the law in force at the time when the document was first executed.Very important alterations in the law of stamps were effected by the Customs and Inland Revenue Act, 1888. Prior to that Act it was no offence not ...
Cancellation
Cancellation, any manner of obliteration and defacement, as of an adhesive stamp in the manner prescribed by s. 8 of the (English) Stamp Act, 1891 (54 & 55 Vict. c. 91), which enacts that-(1) Mode of Cancellation. An instrument, the duty upon which is required or permitted by law [see ss. 22, 34, 49(2), 52(3), 64, 69(3), 78(1), 79(2), 80(2), 85(1), 90, 99, 101(2), 110(1), and 111(2)], to be denoted by an adhesive stamp, is not to be deemed duly stamped with an adhesive stamp, unless the person required by law to cancel the adhesive stamp cancels the same by writing on or across the stamp his name or initials, or the name or initials of his firm, together with the true date of his so writing, or otherwise effectively cancels the stamp and renders the same incapable of being used for any other instrument, or for any postal purpose, or unless it is otherwise proved that the stamp appearing on the instrument was affixed thereto at the proper time.(2) Plurality of Stamps. Where two or more ...
Receipt
Receipt, an acknowledgment in writing of having received a sum of money, which is prima facie but not conclusive evidence of payment, Skaife v. Jackson, (1824) 3 B&C 421.The act of receiving something; a written acknow-ledgment that something has been received, Black's Law Dictionary, 7th Edn.A stamp duty first imposed in 1783 was progressively ad valorem, until 1853, when the uniform 1d. rate was imposed; this was increased to 2d. by the Finance Act, 1920.For the purposes of the Stamp Act, 1891, the expression 'receipt' is defined (s. 101) as including--(1) Any note, memorandum, or writing whereby any money amounting to two pounds or upwards, or any bill of exchange or promissory note for money amounting to two pounds or upwards, is acknow-ledged or expressed to have been received or deposited or paid, or whereby any debt or demand, or any part of a debt or demand, of the amount of two pounds or upwards, is acknowledged to have been settled, satisfied, or discharged, or which signifie...
Ad valorem
Ad valorem, a term used in speaking of the duties or customs paid on certain goods (see e.g. (English) Import Duties Act, 1932 (22 Geo. 5, c. 8); the duties on some Articles are paid by the number, weight, measure, tale, etc., and those on others are paid ad valorem--that is, according to their value. The term is used also of stamp duties, which, in many cases--e.g., in the case of an award, a bill of exchange, a conveyance or transfer, and a lease--are payable under the Stamp Act, 1891, according to the value of the subject-matter of the particular instruments or writings. See STAMP DUTIES.The phrase 'ad valorem' appearing in the column 'rate of duty' in the Schedule appended to the Act refers to the value of the excisable goods and, therefore, it will have to be worked out by applying the formula as laid down in s. 4(4)(d) of the Central Excise Act, State of Goa v. Calfox Laboratories, (2004) 9 SCC 83 (98): AIR 2004 SC 45. [Central Excise Act, 1944, s. 4(4)(d)]...
Contract note
Contract note, a short statement of the effect of a contract. The expression is defined ins. 77(3) of the Finance (1909-10) Act, 1910, as follows:--For the purposes of this Part of this Act, the expression contract note' means the note sent by a broker or agent to his principal, or by any person who by way of business deals, or holds himself out as dealing, as a principal in any stock or market-able securities, advising the principal or the vendor or purchaser, as the case may be, of the sale or purchase of any stock or marketable security, but does not include a note sent by a broker or agent to his principal where the principal is himself acting as broker or agent for a principal, and is himself either a member of a stock exchange in the United Kingdom or a person who bona fide carries on the business of a stockbroker in the United Kingdom, and is registered as such in the list of stockbrokers kept by the Commissioners.The same s. imposes stamp duties on contract notes varying with t...
Stamp Act
Stamp Act, of 1765, for imposing stamp duties on American Colonies, 5 Geo. 3, c. 12, repealed by 6 Geo. 3, c. 11....
Inland revenue
Inland revenue. That portion (by far the largest) of the public revenue (which is derived from the taxation of home commodities and duties on property and income, houses, stamps, probates, legacies, etc., as distinguished from the portion derived by customs duties (see CUSTOMS) from imported commodities-such as foreign wine and spirits, tea, etc. It is supervised by (English) Inland Revenue Commissioners (the number of whom, now four, is not limited by statute, and the quorum of whom is two), and a large number of enactments relating to its regulation are contained in the consolidating Inland Revenue Regulation Act, 1890 (53 & 54 Vict. c. 21). By s. 39 of that Act 'inland revenue' means 'the revenue of the United Kingdom collected or imposed as stamp duties, taxes, and duties of excise.' (see that title), 'and placed under the care and management of the Inland Revenue Commissioners.' By 8 Edw. 7, c. 16, the management of excise duties were transferred to the Commissioners of Customs an...
Revenue
Revenue, income, annual profit received from land or other funds; also money at the disposal of the Crown, i.e., the executive. The chief sources are (1) Crown property, surrendered to the nation; (2) taxation--income tax, death duties, customs and excise, stamp duties; (3) certain managed enter-prises, such as the Post Office, and Lands, Woods and Forests and miscellaneous holdings such as shares in the Suez Canal, and other profits or fiscal prerogatives of the Crown.See Halsb. Encycl. Laws of England, tit. 'Revenue'; Chitty's Statutes, tits. 'Customs,' 'Property Tax,' 'Death Duties,' 'Stamps,' and 'Revenue.'Revenue causes were peculiarly within the province of the court of Exchequer; the practice of which Court in matters of revenue was regulated by the Queen's Remembrancer Act, 1859 (22 & 23 Vict. c. 21), ss. 9 et seq., and the Crown Suits Act, 1865 (28 & 29 Vict. c. 104).The jurisdiction of the Court of Exchequer was transferred to the High Court of Justice ((English) Jud. Act, 18...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
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