Stamp duty on debentures fixed by an annual face value rate with a statutory cap; promissory notes attract reduced duty versus bills. Modifications prescribe stamp duty for marketable transferable debentures as an annual proportion of face value subject to a statutory cap, exclude attached interest coupons from duty calculation, and preserve an exemption for debentures issued under a duly stamped registered mortgage deed when expressed to be issued under that deed. Promissory notes payable otherwise than on demand are made liable to a reduced duty measured as a fraction of the duty applicable to a Bill of Exchange for the same amount payable on demand.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Stamp duty on debentures fixed by an annual face value rate with a statutory cap; promissory notes attract reduced duty versus bills.
Modifications prescribe stamp duty for marketable transferable debentures as an annual proportion of face value subject to a statutory cap, exclude attached interest coupons from duty calculation, and preserve an exemption for debentures issued under a duly stamped registered mortgage deed when expressed to be issued under that deed. Promissory notes payable otherwise than on demand are made liable to a reduced duty measured as a fraction of the duty applicable to a Bill of Exchange for the same amount payable on demand.
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