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Revenue Act 1903

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This is the original version (as it was originally enacted).

Part IIStamps

5Payment of duty on the capital of companies.

The statement of the amount of any increase of registered capital of any company registered under the Companies Acts, 1862 to 1900, which is required by section one hundred and twelve of the Stamp Act, 1891, to be delivered to the Registrar of Joint Stock Companies shall be delivered duly stamped with the duty charged thereon within fifteen days after the passing of the resolution by which the registered capital is increased, and, in default of that delivery, the duty with interest thereon at the rate of five per cent. per annum from the passing of the resolution shall be a debt to His Majesty recoverable from the company.

6Exemption from stamp duty of security on export of coal.

Any bond or notice given with reference to the exportation of coal or the carriage of coal coastwise for the purpose of the security required under section one hundred and four of the Customs Consolidation Act, 1876, or under the Fourth Schedule to the Finance Act, 1901, shall be exempt from stamp duty, and may be received and acted upon, although not stamped.

7Reduction of stamp duty in the case of substituted securities.

The whole amount of duty payable under or by reference to paragraph (2) of the heading "Mortgage Bond, Debenture, Covenant, and "Warrant of Attorney " in the First Schedule to the Stamp Act, 1891, on any instrument being a collateral, or auxiliary, or additional, or substituted security, or by way of further assurance, shall not exceed ten shillings.

8Stamping of policies of insurance on ships under construction, &c.

A policy of insurance made or purporting to be made upon or to cover any ship or vessel, or the machinery or fittings belonging to the ship or vessel whilst under construction, or repair, or on trial, shall be sufficiently stamped for the purposes of the Stamp Act, 1891, and the Acts amending that Act, if stamped as a policy of sea insurance made for a voyage, and though made for a time exceeding twelve months shall not be deemed to be a policy of sea insurance made for time.

9Repeal of stamp duty on commissions in army and navy.

Stamp duty shall cease to be chargeable on commissions to officers in the army, royal marines, or navy.

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