any sum or sums of money at stated periods, not being interest for any principal sum secured by a duly stamped instrument, nor rent reserved by a lease or tack.

For a definite and certain period, so that the total amount to be ultimately payable can be ascertained:-The same ad valorem duty as a bond or covenant for such total amount.

For the term of life or any other indefinite period:-For every 51. and also for every fractional part of 5., of the annuity or sum periodically payable:-2s. 6d.

(2.) Being a collateral or auxiliary or additional or substituted security for any of the above-mentioned purposes where the principal or primary instrument is duly stamped.

Where the total amount to be ultimately payable can be ascertained: -The same ad valorem duty as a bond or covenant of the same kind for such total amount.

In any other case:-For every 5l., and also for any fractional part of 57., of the annuity or sum periodically payable:-6d.”

By sect. 125 (1), in a settlement of reversionary property, a covenant by the tenant for life to pay an annuity is in some cases exempt from duty. "Bond on obtaining letters of administration in England or Ireland, 58., from which there are certain exemptions.

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Bond of any kind whatsoever not specifically charged with any duty.
Where the amount limited to be recoverable does not exceed 3001.:-

the same ad valorem duty as a bond for the amount limited. In
any other case:-108."

"Bonds given to sheriffs or other persons upon the replevy of any goods or chattels, and assignments of such bonds," are, by the general exemption (5) at the end of the schedule, free from all stamp duty. See also the general exemption (3) as to bonds relating to service in the colonies, cited ante, p. 232.

By 45 & 46 Vict. c. 72, s. 8, the duty on a grant or contract for the payment of a superannuation annuity," i. e., "a deferred life annuity granted or secured by contract to any person in consideration of annual premiums payable until he should attain any specified age, and so as to commence on his attaining that age," is 6d. for every 51., and also for any fraction less than 5l., or over and above 5l., or a multiple of 51. of the annuity.

See Conservators of R. Thames v. Inl. Rev. Coms., 18 Q. B. D. 279, cited post, pp. 254, 255.

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Charter-party.

Charter-party, or any agreement or contract for the charter of any ship or vessel, or any memorandum, letter, or other writing between the captain, master, or owner of any ship or vessel, and any other person, for or relating to the freight or conveyance of any money, goods, or effects on board of such ship or vessel :—6d.”

Sect. 66. "The duty upon an instrument chargeable with duty as a charter-party may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the instrument is last executed, or by whose execution it is completed as a binding contract."

Sect. 67. "Where any document chargeable with duty as a charterparty, and not being duly stamped, is first executed out of the United Kingdom, any party thereto may, within ten days after it has been first received in the United Kingdom, and before it has been executed by any person in the United Kingdom, affix thereto an adhesive stamp denoting the duty chargeable thereon, and at the same time cancel such adhesive

stamp, and the instrument with an adhesive stamp thereon so affixed and cancelled shall be deemed duly stamped."

Sect. 68. "An executed instrument chargeable with duty as a charterparty, and not being duly stamped, may be stamped with an impressed stamp upon the following terms; that is to say-(1.) Within seven days after the first execution thereof, on payment of the duty and a penalty of 48. 6d. (2.) After seven days, but within one month after the first execution thereof, on payment of the duty and a penalty of 107.; and shall not in any other case be stamped with an impressed stamp."

Sect. 67, supra, enables any party to a charter-party, first signed abroad, to stamp the document in the special manner and within the time above mentioned; but sect. 68, supra, does not prohibit the document being stamped by the Commissioners of Inland Revenue, within 30 days of its arrival in this country, under the general provisions of sect. 15 (2, a), and 51 & 52 Vict. c. 8, s. 18 (2), ante, p. 224. See The Belfort, 9 P. D. 215. A guarantee for the due performance of a charter-party does not require to be stamped as a charter-party. Rein v. Lane, L. R., 2 Q. B. 144.

Cheque.

See Bill of Exchange, ante, p. 235.

Cognovit.

A cognovit requires no stamp, for it is a mere acknowledgment of an account, unless matter of agreement be contained in it; as if it contains an agreement to take the debt by instalments. Ames v. Hill, 2 B. & P. 150; Reardon v. Swaby, 4 East, 188. An agreement to grant time, entered into at the same time on a separate paper, does not render an agreement stamp on the cognovit necessary. Morley v. Hall, 2 Dowl.

494.

Company-Statement of Capital.

By 51 & 52 Vict. c. 8, s. 11, a statement of the amount of nominal capital to be raised by shares of any company to be registered with limited liability, and of any increase of registered capital of any company now or to be so registered, shall be delivered to the registrar of joint stock companies, and shall bear an ad valorem duty of 23. per 1007., and fraction of 1007. over any multiple of 1007., of the amount or increase of capital.

Contract Note.

'Any note, memorandum, or writing, commonly called a contract note,' or by whatever name the same may be designated, for or relating to the sale or purchase of any stock or marketable security of the value of 51. or upwards:-1d."

Sect. 69. (1.) "The duty on a contract note may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the note is first executed." (3.) "No broker, agent, or other person shall have any legal claim to any charge for brokerage, commission, or agency, with reference to the sale or purchase of any stock or marketable security of the value of 51. or upwards mentioned or referred to in any contract note, unless such note is duly stamped."

By 51 & 52 Vict. c. 8, s. 16 (1), where a contract note advises the sale

or purchase of any stock or marketable security of the value of 1007. or upwards, the duty is 6d. (2.) The duty under this section is to be denoted by an adhesive stamp or stamps appropriated to a contract note, and cancelled by the person by whom the note is executed. (3.) The duty so paid may be added to the charge for brokerage or agency.

6

By sect. 17 (1.), “The term contract note' means the note sent by a broker or agent to his principal (except 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.

(2.) Where a note advises the sale or purchase of more than one description of stock or marketable security, the note shall be deemed to be as many contract notes as there are descriptions of stock or security sold or purchased."

Conveyance.

Conveyance or transfer on sale :

Of any property (except Bank of England stock), where the amount or value of the consideration for the sale does not exceed 51.-6d.; exceeds 51. and does not exceed 107.-18.; 10l. and not 157.-18. 6d.; 15l. and not 207.-28.; 201. and not 251.-2s. 6d. ; 25l. and not 501.-58.; 50l. and not 751.-78. 6d. ; 75l. and not 1007.-10s.; and so on at the rate of 10s. for every 1007., ascending by half-crowns till the purchase-money amounts to 3007., and then by crowns at each step.

By statute 50 & 51 Vict. c. 15, s. 7, this duty now extends to the transfer of debenture stock, or funded debt, of any company or corporation, and county stock, and by 51 & 52 Vict. c. 8, s. 13 (1), also to the transfer of any mortgage, bond, debenture, or covenant (being a marketable security), or of any security for money by or on behalf of any foreign or colonial state, government, municipal body, corporation, or company (being a marketable security).

Sect. 70. "The term 'conveyance on sale' includes every instrument, and every decree or order of any court or of any commissioners, whereby any property upon the sale thereof is legally or equitably transferred to or vested in the purchaser, or any other person on his behalf or by his direction."

The sects. 71 et seq., direct how the duty is to be estimated where the consideration consists of stock or a marketable security, or an annuity or rent-charge.

Where several instruments.] Sect. 76. "Where there are several instruments of conveyance for completing the purchaser's title to the property sold, the principal instrument of conveyance only is to be charged with ad valorem duty, and the other instruments are to be respectively charged with such other duty as they may be liable to, but such last-mentioned duty shall not exceed the ad valorem duty payable in respect of the principal instrument."

Sect. 77. (1.) "In the cases below specified the principal instrument is to be ascertained in the following manner:

(a.) Where any copyhold or customary estate is conveyed by a deed, no surrender being necessary, the deed is to be deemed the principal instrument:

(b.) In other cases of copyhold or customary estates, the surrender or grant, if made out of court, or the memorandum thereof, and the copy of court roll of the surrender or grant, if made in court, shall be deemed the principal instrument."

(2.) "In any other case the parties may determine for themselves which of several instruments is to be deemed the principal instrument, and may pay the ad valorem duty thereon accordingly."

66

Conveyance or transfer by way of security of any property'

"or of any security. See Mortgage," post, p. 257.

66

Conveyance or transfer of any kind not hereinbefore described, 108." By 50 & 51 Vict. c. 15, s. 7, this 108. stamp now extends to debenture stock, or funded debt of any company, or corporation and company stock, and by 51 & 52 Vict. c. 8, s. 13 (1), also to any marketable security of the kind described in that section, vide supra.

Sect. 78. "Every instrument, and every decree or order of any court or of any commissioners, whereby any property on any occasion, except a sale or mortgage, is transferred to or vested in any person, is chargeable with duty as a conveyance or transfer of property. Provided that a conveyance or transfer made for effectuating the appointment of a new trustee is not to be charged with any higher duty than 10s." This proviso overrides the specific duties on transfers imposed by the schedule. See Foley, Ld. v. Inl. Rev. Coms., L. R., 3 Ex. 263. Where, however, an order appoints new trustees and also vests the trust property in them, it is liable to duty both as an appointment and also as a conveyance; 108. in each case. Hadgett v. Id., 3 Ex. D. 46.

By the general exemptions (1), (2), at the end of the schedule, transfers of shares in the government stocks or funds, and instruments for the sale, transfer, or other disposition, either absolutely or by way of mortgage or otherwise, of any ship or vessel, or any share therein, are free from all stamp duty.

Certain conveyances relating to the estate of a bankrupt are exempt from a conveyance stamp, vide ante, p. 243.

An assignment of copyright by entry in the book of registry, kept at Stationers' Hall, is not liable to stamp duty; 5 & 6 Vict. c. 45, s. 13. As to the liability to duty of a conveyance relating to crown property, vide ante, p. 218.

Contract for sale of equitable estates, goodwill, &c.] By 52 & 53 Vict. c. 42, s. 15 (replacing Id. c. 7, s. 18) (1), a contract or agreement for the sale of any equitable estate in any property, or of any interest in any property except lands, tenements, &c., or property, locally situate out of the United Kingdom, or of goods, &c., or stock or marketable securities, or any ship, or share in any ship, is charged with the same ad valorem duty as if it were an actual conveyance on sale (vide ante, p. 246). (2) On a re-sale, when the ad valorem duty has been paid, and before conveyance, ad valorem duty is to be paid on the excess, if any, of the consideration on the re-sale beyond that on the original sale, and in any other case a fixed duty of 108. or 6d. as under the law prior to 1889. (3) The conveyance is to be then stamped free of duty, and the payment of the ad valorem duty duly denoted (vide ante, p. 225).

(4) Provides that where any such contract is stamped with the fixed duty of 10s. or 6d., according to the law prior to 1889, it shall be regarded as duly stamped for the mere purpose of proceedings to enforce specific performance or recover damages for the breach thereof." Hence the question of ad valorem duty in this case will not often arise at Nisi Prius. See also sub-sect. 5. For the reason of sect. 15, see Inl. Rev. Coms. v. Angus, post, p. 248.

Decisions on conveyances.] The following decisions (partly under the

former Acts), seem still applicable. A mere agreement for sale, inoperative at law as a conveyance, is not chargeable under this head; Wilmot v. Wilkinson, 6 B. & C. 506; Inl. Rev. Coms. v. Angus, 23 Q. B. D. 579; unless it fall within the provisions of 52 & 53 Vict. c. 42, s. 15, ante, p. 247. So, an agreement for the sale of a bed of coals, without any legal transfer of the freehold, requires no conveyance stamp. Phillips v. Morrison, 12 M. & W. 740. So, a deed purporting to be a grant by an asphalte company of an exclusive licence to sell the asphalte of the company in certain counties, conveys no property and does not therefore require the ad valorem stamp. Limmer Asphalte Paving Co. v. Inl. Rev. Coms., L. R., 7 Ex. 211. See also Conservators of R. Thames v. Inl. Rev. Coms., 18 Q. B. D. 279, cited post, pp. 254, 255. There must be a sale for money [or for stock or securities, public or private]. Coates v. Perry, 3 B. & B. 48. If for stock, &c., the mode of valuation is pointed out by sect. 71. In sect. 70, ante, p. 246, the word "legally" applies to the legal transfer of a legal right, and the word "equitably" applies to an equitable transfer of an equitable interest. Inl. Rev. Coms. v. Angus, 23 Q. B. D. 594, per Ld. Esher, M. R. The conveyance on sale of a chose in action is within the Act, for it extends to any subject of "property which belongs to a person exclusive of others, and which can be the subject of a bargain and sale to another." Per cur. Potter v. Inl. Rev. Coms., 10 Ex. 147, 156; 23 L. J., Ex. 345, 347. Thus it extends to the assignment of the goodwill of a business; S. C.; a written sale of fixtures; Horsfall v. Hey, 2 Exch. 778; a deed whereby a partner in a firm of two conveyed and released all his interest in the partnership property to his copartner in consideration of the payment of the ascertained amount of the partnership property due to the former. Christie v. Inl. Rev. Coms., L. R., 2 Ex. 45; Phillips v. Id.; Id. 399.

Where the value of land taken by a railway company is assessed at separate sums for (1) land, (2) buildings, and (3) compensation for loss of business, the conveyance must bear an ad valorem stamp in respect of the aggregate amount of these three sums. Inl. Rev. Coms. v. Glasgow & S. W. Ry. Co., 12 Ap. Ca. 315, D. P.

A partition is not a sale within the Stamp Acts. Henniker v. Henniker, 1 E. & B. 54; 22 L. J., Q. B. 94.

If the deed of conveyance contain other matter not incident to the sale or conveyance, it requires an additional stamp adapted to the added matter; but where the transfer of railway shares contained a covenant to abide by the rules of the company, which covenant was required in all transfers, it was held that no additional stamp was necessary beyond the ad valorem stamp. Wolseley v. Cox, 2 Q. B. 321.

A certificate of the transfer and acceptance of shares in a mine, signed by both parties, may be received as an admission of the existence of a transfer without a transfer stamp. Toll v. Lee, 4 Exch. 230; Walker v. Bartlett, 18 C. B. 845.

Under sect. 17, ante, p. 219, conveyances of lands abroad (e.g., Australia), executed in England, must be stamped. See In re Wright, 11 Exch. 458. S. C. sub nom. Wright v. Inl. Rev. Coms., 25 L. J., Ex. 49, decided on 55 Geo. 3, c. 184. See also Stonelake v. Babb, 5 Burr. 2673.

Copy.

Copy or extract (attested in any manner authenticated) of or from-(1.) An instrument chargeable with any duty. (2.) An original will, testament, or codicil. (3.) The probate or probate copy of a will or codicil.