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Post Office Act 1969

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Stamp Duties

124Composition for stamp duty on the Post Office's money orders

(1)The Commissioners of Inland Revenue may enter into an agreement with the Post Office for the composition, in accordance with the following provisions of this section, of the stamp duty chargeable in Great Britain under the heading beginning " Bill of Exchange or promissory note of any kind whatsoever " in Schedule 1 to the Stamp Act 1891 on money orders issued by it.

(2)Such an agreement shall require the Post Office to deliver to the Commissioners of Inland Revenue periodical accounts of the orders issued by it and may contain such other terms and conditions as the Commissioners think proper.

(3)Where such an agreement has been made, a money order issued by the Post Office bearing such indication of the payment of stamp duty as the Commissioners of Inland Revenue may require shall not be chargeable with stamp duty, but the Post Office shall pay to the Commissioners, on the delivery of any account under the agreement, such sums as would, but for the provisions of this section, have been chargeable by way of stamp duty in Great Britain on money orders issued by it during the period to which the account relates.

(4)Where the Post Office makes default in delivering an account required by such an agreement or in paying the duty payable on the delivery of any such account, it shall be liable to a fine not exceeding £50 for each day during which the default continues and shall also be liable to pay to Her Majesty, in addition to the duty, interest thereon at the rate of five per cent, per annum from the date when the default begins.

(5)References in this section to money orders issued by the Post Office shall be construed as including references to orders issued by it in pursuance of such an arrangement as is mentioned in section 24 of the Post Office Act 1953, being orders corresponding to money orders issued by the Post Office.

125Composition for stamp duty on foreign money orders presented to the Post Office for payment

So far as regards the provision by it of services by means of which money may be remitted by means of money orders, the Post Office shall be deemed to be a banker for the purposes of section 31 of the Finance Act 1967 (composition by bankers of stamp duty chargeable on foreign bills of exchange presented to them for payment).

126Postal orders to be exempt from stamp duty

Stamp duty shall not be chargeable on a postal order (whether issued by the Post Office or another postal administration) or on a note, memorandum or writing whereby a postal order (whether issued by the Post Office or another postal administration) is acknowledged to have been paid.

127Extension of section 52 of the Finance Act 1946

For the purposes of section 52 of the Finance Act 1946 (which exempts from stamp duty certain documents connected with nationalisation schemes) any vesting of property in the Post Office after the appointed day effected by virtue of an order under section 17 of this Act shall be deemed to be part of the initial putting into force of such a scheme.

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