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Report No. 67

Appendix 2

Extracts from the Finance Act, 1959 (English)

(7 and 8 Eliz. 2, c. 58)

"30. Stamp duty on policies of insurance-

(1) In the first Schedule to the Stamp Act, 1891, before the head of charge "Policy of Life Insurance" there shall be inserted the following-

"Policy of Insurance other than Life Insurance 0£ Os 6d", and the head of charge "Policy of Sea Insurance" and the head of charge beginning "Policy of Insurance against Accident" shall be omitted.

(2) The following shall be exempt from all stamp duties:

(a) cover notes, slips and other instruments usually made in anticipation of the issue of a formal policy, not being instruments relating to life insurance;

(b) instruments embodying alterations of the terms of conditions of any policy of insurance other than life insurance;

(c) policies of insurance on baggage or personal and household effects only, if made or executed out of Great Britain; and an instrument exempted by virtue of paragraph (a) of this sub-section shall not be taken for the purposes of the Stamp Act, 1891, to be a policy of insurance."

Indian Stamp Act, 1899 Back

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