Finance Act 1899
| Jurisdiction | UK Non-devolved |
Finance Act, 1899.
(62 & 63 Vict.) CHAPTER 9.
An Act to grant certain duties of Customs and Inland Revenue, to alter other duties, and to amend the Law relating to Customs and Inland Revenue, and to make other provision for the financial arrangements of the year.
[20th June 1899]
Most Gracious Sovereign,
We , Your Majesty's most, dutiful and loyal subjects the Commons of the United Kingdom of Great Britain and Ireland in Parliament assembled, towards raising the necessary supplies to defray Your Majesty's public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties herein-after mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
PART I.
Customs.
1 Duty on tea.
1. The duty of Customs now payable on tea shall continue to be charged, levied, and paid, on and after the first day of August one thousand eight hundred and ninety-nine until the first day of August one thousand nine hundred, on the importation thereof into Great Britain or Ireland (that is to say):—
Tea, the pound, Fourpence.
2 Duties on wine.
2. In lieu of the duties of Customs payable on wine imported into Great Britain or Ireland there shall as from the fourteenth day of April one thousand eight hundred and ninety-nine, be charged, levied, and paid the duties following (that is to say):—
| s. d. | |
Wine— |
|
Not exceeding 30 degrees of proof spirit, the gallon |
0 1 3 |
Exceeding 30 but not exceeding 42 degrees of proof spirit, the gallon |
0 3 0 |
And for every degree, or part of a degree, beyond the highest above charged, an additional duty, the gallon |
0 0 3 |
Sparkling wine in bottle, an additional duty, the gallon |
0 2 6 |
Still wine in bottle, an additional duty, the gallon |
0 1 0 |
In this section—
The word ‘wine’ includes lees of wine;
The word ‘degree’ does not include a fraction of the next higher degree.
3 Additional duties on spirits.
3. In addition to the duties of Customs payable on spirits imported into Great Britain or Ireland, there shall, as from the thirteenth day of May one thousand eight hundred and ninety-nine, be charged, levied, and paid, the following (that is to say):—
| s. d. | |
Spirits in bottle, enumerated and tested, and sweetened spirits in bottle, unenumerated and tested, the proof gallon |
0 1 0 |
Perfumed spirits, liqueurs, cordials, mixtures, and other preparations in bottle, entered in such a manner as to indicate that the strength is not to be tested, the liquid gallon |
0 1 0 |
PART II.
Stamps.
4 Stamp duty on foreign or colonial instruments on which duty is not now payable.
(1)4.—(1.) There shall be charged on every marketable security made or issued by or on behalf of any foreign State or Government, or foreign or colonial municipal body, corporation, or company, being a security transferable by delivery, which
(a ) is after the first day of August one thousand eight hundred and ninety-nine, assigned, transferred, or in any manner negotiated in the United Kingdom, and
(b ) is not, under the law existing at the passing of this Act, chargeable with stamp duty as a marketable security transferable by delivery,
and on every share warrant or stock certificate to bearer by means of which any share or stock of any company or body of persons formed or established out of the United Kingdom is, after the first day of August one thousand eight hundred and ninety-nine, assigned, transferred, or in any manner negotiated in the United Kingdom, a stamp duty of one shilling for every ten pounds, and also for any fractional part of ten pounds in the case of a marketable security of the money thereby secured, and in the case of a share warrant or stock certificate of the nominal value of the share or stock to which the warrant or certificate relates.
(2) (2.) There shall be charged on every instrument to bearer, not being a shave warrant or stock certificate to bearer charged under the foregoing provision, by means of which any share or stock of any company or body of persons formed or established out of the United Kingdom is, after the first day of August one thousand eight hundred and ninety-nine, assigned, transferred, or in any manner negotiated, in the United Kingdom, a stamp duty of threepence for every twenty-five pounds, and also for every fractional part of twenty-five pounds of the nominal value of the share or stock.
(3) (3.) Every person who, in the United Kingdom, assigns, transfers, or in any manner negotiates, or is concerned as broker or agent in assigning, transferring, or in any manner negotiating, any instrument which is chargeable with duty under this section, and is not duly stamped, or any share or stock by means of such an instrument, shall incur a fine of twenty pounds, and the amount of the duty shall be a debt due from any such person to Her Majesty.
(4) (4.) For the purposes of this section—
(a ) the expression ‘share warrant to bearer’ includes any instrument by whatever name called, having the like effect as a share warrant issued under the provisions of the Companies Act, 1867 ; and
(b ) the expression ‘stock certificate to bearer’ includes any instrument, by whatever name called, having the like effect as a stock certificate to bearer.
5 Extension of stamp duty on share warrants and stock certificates to bearer.
(1) The stamp duty charged under the Stamp Act, 1891, on share warrants issued under the provisions of the Companies Act, 1867, shall extend to any instrument to bearer issued by or on behalf of any company or body of persons formed or established in the United Kingdom and having a like effect as such a share warrant, and the stamp duty charged on stock certificates to bearer as defined by the Stamp Act, 1891 , shall extend to any instrument to bearer issued by or on behalf of any company or body of persons formed or established in the United Kingdom, and having a like effect as such a stock certificate to bearer.
(2) (2.) Section one hundred and seven of the Stamp Act, 1891 (which relates to the penalty for issuing share warrants not duly stamped), shall apply to any instrument chargeable with stamp duty under this section as a share warrant or stock certificate to bearer, in the same manner as it applies to the share warrants named in that section; and section one hundred and nine of the Stamp Act, 1891 (which relates to the penalty for issuing stock certificates unstamped), shall apply to any instrument chargeable with stamp duty under this section as a stock certificate to bearer in the same manner as it applies to the stock certificates to bearer named in that section, and as if ‘company or body of persons’ were mentioned in sub-section one of that section as well as ‘local authority’
6 Provision as to instruments passing by delivery in pursuance of usage.
6. For the purposes of this Part of this Act, an instrument used for the purpose of assigning, transferring, or in any manner negotiating the right to any marketable security, share, or stock shall, if delivery thereof is by usage treated as sufficient for the purpose of a sale on the market, whether that delivery constitutes a legal assignment, transfer, or negotiation or not, be deemed a marketable security transferable by delivery, or an instrument to bearer, as the case may be, and the delivery thereof an assignment, transfer, or negotiation.
7 Increase of company's capital duty.
7. Five shillings shall be substituted for two shillings as the ad valorem stamp duty imposed by sections one hundred and twelve and one hundred and thirteen of the Stamp Act, 1891, as extended by section twelve of the Finance Act, 1896, on the statements with regard to the capital of companies referred to in those sections.
8 Duty on loan capital.
(1)Where any local authority, corporation, company, or body of persons formed or established in the United Kingdom propose to issue any loan capital, they shall, before the issue thereof, deliver to the Commissioners a statement of the amount proposed to be secured by the issue.
(2) (2.) Subject to the provisions of this section every such statement shall be charged with, an ad valorem stamp duty of two shillings and sixpence for every hundred pounds and any fraction of a hundred pounds over any multiple of a hundred pounds of the amount proposed to be secured by the issue, and the amount of the duty shall be a debt due to Her Majesty.
(3) (3.) The duty under this section shall not be charged to the extent to which it is shown to the satisfaction...
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