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Reduction of duty on certain marketable securities.
54 & 55 Vict. c. 39.
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13.—(1) The stamp duty charged on marketable securities transferable by delivery (not being Colonial Government securities) shall, when the amount secured by the security is to be paid off within a term not exceeding three years after the date on which the duty is payable and the date by which the amount is to be paid off is conspicuously stated on the face of the security, be reduced to threepence for every ten pounds or fractional part of ten pounds of the money secured, if that money is to be paid off within a term not exceeding one year from the date on which the duty is payable, and sixpence for every ten pounds or fractional part of ten pounds of the money secured, if that money is to be paid off within a term exceeding one year but not exceeding three years from the date on which the duty is payable.
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(2) If any marketable security on which stamp duty has been charged in accordance with this section is assigned, transferred, or in any manner negotiated in the United Kingdom after the date stated on the face of the security as the date by which the amount secured is to be paid off, stamp duty shall be charged thereon at the full rate of duty, an allowance being made for the duty already paid, and, if any person in the United Kingdom after the said date assigns, transfers, or in any manner negotiates, or is concerned as broker or agent in assigning, transferring, or in any manner negotiating any such security and the security is not stamped in accordance with this provision, that person shall incur a fine of twenty pounds.
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