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Report No. 67

Appendix 4*

English Law as to Stamp Duties on Marine Insurance Policies After 1959

(1) Certain provisions as in force in England in 1959' have now been altered1.

(2) The present position in England is this. The following provisions have been repealed by the Finance Act, 1959.2

Section 8F Finance Act, 1912
(increase in premium)
Section 11 Finance Act, 1901
(continuation clause)
Section 8 Revenue Act, 1903
(Builders Risk)

(3) By the Finance Act, 1959, section 30(1) the previous ad valorem duty was replaced by a fixed duty of six pence in the case of all policies of insurance other than life insurance. The Finance Act, 1959, section 30(2) exempts from all stamp duties cover notes, slips and other instruments usually made in anticipation of the issue of a formal policy, and instruments embodying alterations in the terms or conditions of any policy of insurance and policies of insurance on baggage or personal and household effects only, if made out of Great Britain. There is no corresponding section in the Indian Stamp Act.

(The repealed provisions of the 1906 Act correspond to sections 25(2) to (5) and section 27(2) of the (Indian) Marine Insurance Act, 1963 (11 of 1963).

(4) The Finance Act, 1959, section 30(4) has also repealed sections 92-97 of the Stamp Act, 1891. [Section 94 of the Stamp Act, 1891 correspond to section 7(4) Indian Stamp Act] section 97(3) correspond to some extent to section 67 Indian Act.

(5) The Finance Act, 1959 also amends section of the Act of 1891 (penalties) (section 100 corresponded to section 66, Indian Stamp Act).

(6) Further, the Finance Act, 1959 amends section 116 of the 1891 Act (composition of Stamp duty) on accident policies by extending it to all policies other than life. (There is no section corresponding to section 116 in the Indian Stamp Act).

(7) Section 30 of the Finance Act, 1959 read with the Stamp Act, 1891 now governs stamp duties in England on marine insurance policies. The position in England now is discussed, in the undermentioned books3.

* It has been mentioned as Appendix 5 in the Report published by the Law Commission.

1. As to position in 1959, see 21st Report of the Law Commission (Marine Insurance).

2. See Finance Act, 1959 (7 & 8 Eliz. 2, C. 58), section 30.

3. See (a) Dover Analysis of Marine and other Insurance Clauses (1961), pp. 45 & 93

(b) Chalmers Marine Insurance Act (1966), pp. 165-166, where the Finance Act, 1959 is quoted.

(c) Monroe Stamp Duties (1964), p. 133 and pp. 267-268.

Indian Stamp Act, 1899 Back

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