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Inland Revenue Act 1880

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This is the original version (as it was originally enacted).

54Amendment of existing Acts as to composition for stamp duty

The sum to be paid by way of composition for stamp duty in the following cases, that is to say,

(1)Under sections three and four of the Metropolitan Board of Works (Loans) Act, 1870, on transfers of metropolistan consolidated stock and metropolitan annuities from time to time issued or granted after the passing of this Act; or

(2)Under section four of the Canadian Stock Stamp Act, 1874, on transfers of stock of the Government of Canada from time to time inscribed after the passing of this Act in books kept in the United Kingdom; or

(3)Under section three of the Colonial Stock Act, 1877, on transfers of colonial stock to -which from time to time that Act is made to apply after the passing of this Act,

shall be calculated as if the rates enacted by this Act for the composition of the duty on transfers of stock created and issued by the council of any municipal borough were substituted for the rate or sum of seven shillings and sixpence in the said section respectively : Provided that where the holders of the debentures of the Government of a colony have, before the first day of July one thousand eight hundred and eighty, had an option given to them to exchange such debentures within twelve months for colonial stock, to which the Colonial Stock Act, 1877, applies, the composition for the stamp duty on transfers of colonial stock issued in accordance with any option declared within the said twelve months shall be the same as if this section had not been enacted.

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