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FINANCE (1909 10) ACT 1910

FINANCE (1909 10) ACT 1910 - LONG TITLE

An Act to grant certain Duties of Customs and Inland Revenue
(including Excise), to alter other Duties, and to amend the Law
relating to Customs and Inland Revenue (including Excise), and to
make other financial provisions.
[29th April 1910]
PART I
Appeals to referees.

FINANCE (1909 10) ACT 1910 - SECT 33

33.Subs.(1) rep. by 1964 c.29 (NI) s.21 sch.3; 1967 c.20 (NI) s.20
sch.3

(2) An appeal under this section shall be [referred to and
determined by the Lands Tribunal for Northern Ireland].

Subs.(3)(5) rep. by 1949 c.42 s.10(4) sch.2; 1962 c.30 s.7 sch.1
Pt.I; 1964 c.29 (NI) s.21 sch.3

Ss.3441 rep. by 1920 c.18 s.64(3) sch.4; 1949 c.42 s.10(4) sch.2;
1964 c.29 (NI) s.21 sch.3; 1967 c.20 (NI) s.20 sch.3

Part IISs.4346, 4853 rep. by 1911 c.2 s.20(1) sch.; 1911 c.48 s.22
sch.; SLR 1927; 1952 c.44 s.320 sch.12 Pt.I; SL(R) 1971

Part III (ss.5464)Death Duties

Part IV(ss.6572) rep. by 1918 c.40 s.238 sch.7; SLR 1927

S.73 rep. by 1920 c.18 s.64(3) sch.4; 1956 c.11 (NI) s.9(1) sch.
Pt.I; 1958 c.14 (NI) s.14(2) sch.2 Pt.II

FINANCE (1909 10) ACT 1910 - SECT 74
Stamp duty on gifts inter vivos.

74.(1) Any conveyance or transfer operating as a voluntary
disposition inter vivos shall be chargeable with the like stamp duty
as if it were a conveyance or transfer on sale, with the
substitution in each case of the value of the property conveyed or
transferred for the amount or value of the consideration for the
sale:

Provided that this section shall not apply to a conveyance or
transfer operating as a voluntary disposition of property to a body
of persons incorporated by a special Act, if that body is by its
Act precluded from dividing any profit among its members and the
property conveyed is to be held for the purposes of an open space
or for the purposes of its preservation for the benefit of the
nation.

(2) Notwithstanding anything in section twelve of the principal Act,
the Commissioners may be required to express their opinion under
that section on any conveyance or transfer operating as a voluntary
disposition inter vivos, and no such conveyance or transfer shall be
deemed to be duly stamped unless the Commissioners have expressed
their opinion thereon in accordance with that section.

(3) Subsection (2) of section fifteen of the principal Act, which
enables certain instruments to be stamped after execution, shall
apply to conveyances or transfers operating as volunatry dispositions
inter vivos as if those conveyances or transfers were specified in
the first column of the table in paragraph (d) of that subsection,
and the grantor or transferor were specified in the second column
of that table.

Subs.(4) rep. by 1962 c.17 (NI) s.8 sch.Pt.II

(5) Any conveyance or transfer (not being a disposition made in
favour of a purchaser or incumbrancer or other person in good faith
and for valuable consideration) shall, for the purposes of this
section, be deemed to be a conveyance or transfer operating as a
voluntary disposition inter vivos, and (except where marriage is the
consideration) the consideration for any conveyance or transfer shall
not for this purpose be deemed to be a valuable consideration where
the Commissioners are of opinion that by reason of the inadequacy
of the sum paid as consideration or other circumstances the
conveyance or transfer confers a substantial benefit on the person
to whom the property is conveyed or transferred.

(6) [The foregoing provisions of this section shall not apply to] a
conveyance or transfer made for nominal consideration for the purpose
of securing the repayment of an advance or loan or made for
effectuating the appointment of a new trustee or the retirement of
a trustee, whether the trust is expressed or implied, or under
which no beneficial interest passes in the property conveyed or
transferred, or made to a beneficiary by a trustee or other person
in a fiduciary capacity under any trust, whether expressed or
implied, or a disentailing assurance not limiting any new estate
other than an estate in fee simple in the person disentailing the
property, ... and this subsection shall have effect notwithstanding
that the circumstances exempting the conveyance or transfer from
charge under this section are not set forth in the conveyance or
transfer.

Ss.75, 76 rep. by 1958 c.14 (NI) s.14 sch.2 Pt.II; 1963 c.22 (NI)
s.21 sch.3 Pt.II

FINANCE (1909 10) ACT 1910 - SECT 77
Alteration and extension of duty on contract notes.

77.(1) There shall be charged on every contract note as defined by
this section for or relating to the sale or purchase of any stock
or marketable security the following stamp duties:

[Where the value of the stock or marketable security

(2) Where a contract note is a continuation or carrying over note
made for the purpose of continuing or carrying over any transaction
for the sale or purchase of stock or marketable securities, the
contract note, although it is made in respect of both a sale and
purchase, shall be charged with duty under this section as if it
related to one of those transactions only, and, if different rates
of duty are chargeable in respect of those transactions, to that
one of those transactions which would render the contract note
chargeable at the highest rate.

(3) 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 marketable
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.

(4) Where a contract 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 stocks or securities sold or purchased.

FINANCE (1909 10) ACT 1910 - SECT 78
Obligation to execute contract note.

78.(1) Any person who effects any sale or purchase of any stock or
marketable security of [a value exceeding #100] as a broker or
agent, and any person who by way of business deals, or holds
himself out as dealing, as a principal in any stock or marketable
security, and buys or sells any such stock or marketable security
of [a value exceeding #100], shall forthwith make and execute a
contract note, and transmit the note to his principal, or to the
vendor or purchaser of the stock or marketable security, as the
case may be, and in default of so doing shall incur a fine of
twenty pounds: Provided that this section shall not apply in the
case of transactions carried out in the course of their ordinary
business relations between members of stock exchanges in the United
Kingdom.

(2) If any person makes or executes any contract note chargeable
with duty not being duly stamped, he shall incur a fine of twenty
pounds.

(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 [a
value exceeding #100], if he fails to comply with the provisions of
this section.

(4) All stamp duties on a contract note are to be denoted [either
by an impressed stamp or] by an adhesive stamp appropriated to a
contract note, [and any such adhesive stamp] is to be effectively
cancelled by the person by whom the note is executed 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.

(5) Any stamp duty on a contract note may be added to the charge
for brokerage or agency, and shall be recoverable as part of such
charge.

FINANCE (1909 10) ACT 1910 - SECT 79
Extension of provisions as to contract notes to sale or purchase of
options.

79.(1) The provisions of this Part of this Act as to contract
notes shall apply to any contract under which an option is given
or taken to purchase or sell any stock or marketable security at a
future time at a certain price, as it applies to the sale or
purchase of any stock or marketable security, but the stamp duty on
such a contract shall be one-half only of that chargeable on a
contract note: Provided that, if under the contract a double option
is given or taken, the contract shall be deemed to be a separate
contract in respect of each option.

(2) Any contract note made or executed in pursuance and in
consequence of the exercise of an option given or taken under a
contract duly stamped in accordance with the provisions of this
section shall be charged with one-half only of the duty which would
otherwise have been chargeable thereon under this Part of this Act,
provided that it bears on its face a certificate by the broker,
agent, or other person mentioned in the last preceding section to
the effect that it is made or executed in the exercise of an
option for which a duly stamped contract has been rendered on the
date mentioned in the certificate.

Part VI(ss.8086) rep. by 1918 c.15 s.45(2) sch.4; 1919 c.32 s.38
sch.4; 1920 c.18 s.64(3) sch.4; SLR 1927; 1952 c.44 s.320 sch.12
Pt.I; 1958 c.6 (6 & 7 Eliz.2) s.16 sch.7

Part VII(ss.8891) rep. by 1911 c.2 s.20 sch.; 1923 c.31 (NI) s.10
sch.1; SLR (NI) 1954; SLR 1963

Ss.92, 93 rep. by 1952 c.44 s.320 sch.12 Pt.I; SLR 1964

FINANCE (1909 10) ACT 1910 - SECT 94
Penalty for making false statement or representation.

94. If any person for the purpose of obtaining any allowance,
reduction, rebate, or repayment in respect of any duty under this
Act, either for himself or for any other person, or in any return
made with reference to any duty under this Act, knowingly makes any
false statement or false representation, he shall be liable on
summary conviction to imprisonment for a term not exceeding six
months ....

S.95 rep. by SLR 1927

FINANCE (1909 10) ACT 1910 - SECT 96
Construction and short title.

96.Subs.(1) rep. by SLR 1927

(2) ... any reference to "the Commissioners" in any ... Part of
this Act shall be construed as a reference to the Commissioners of
Inland Revenue.

Subs.(3) (4) rep. by SLR 1927; 1975 c.7 s.59 sch.13 Pt.I

(5) Part V of this Act shall be construed together with the Stamp
Act, 1891.

Subs.(6) rep. by 1958 c.6 s.16 sch.7

(7) This Act may be cited as the Finance (190910) Act 1910.

First Schedule rep. by 1919 c.32 s.38 sch.4; 1952 c.44 s.320 sch.12
Pt.I. Second ScheduleDeath Duties. Third Schedule rep. by 1918 c.15
s.45(2) sch.4; 1958 c.6 s.16 sch.7. Fourth Schedule rep. by SLR
1927. Fifth Schedule rep. by 1920 c.18 s.64(3) sch.4. Sixth Schedule
rep. by SLR 1927