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There are outstanding changes not yet made by the legislation.gov.uk editorial team to Stamp Act 1891. Any changes that have already been made by the team appear in the content and are referenced with annotations.
(1)Interest is payable on the stamping of an instrument which—
(a)is chargeable withad valorem duty, and
(b)is not duly stamped within 30 days after the day on which the instrument was executed (whether in the United Kingdom or elsewhere).
(2)Interest is payable on the amount of the unpaid duty from the end of the period of 30 days mentioned in subsection (1)(b) until the duty is paid.
If an amount is lodged with the Commissioners in respect of the duty, the amount on which interest is payable is reduced by that amount.
(3)Interest shall be calculated at the rate applicable under section 178 of the M1Finance Act 1989 (power of Treasury to prescribe rates of interest).
(4)The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5.
No interest is payable if that amount is less than £25.
(5)Interest under this section shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes.]
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