SUCCESSION DUTY.

TABLE 29.-Distribution of Capital and corresponding Net Receipt, 1926-27.

NOTE.-Where an instalment of duty is received, only the capital corresponding to that instalment is entered.

LEGACY DUTY AND SUCCESSION DUTY.
TABLE 30.-Capital on which Duty was paid.

NOTE.-No figures are available for the years 1916-17 to 1918-19 inclusive, or for the first 3 months of 1919-20.

CORPORATION DUTY.

15. Corporation Duty is a Stamp Duty imposed by the Customs and Inland Revenue Act, 1885, by way of compensation to the Revenue for the non-liability to Death Duties of certain property belonging to or vested in bodies corporate or unincorporate. The duty is charged at the rate of £5 per cent. on the net annual value of income or profits accrued in respect of all real or personal property held by such bodies, except so far as specifically exempted under the Act.

STAMP DUTIES. GREAT BRITAIN.

16. The following Judicial Decision in respect of Stamp Duties was given in the Courts during the year 1926-27 :—

Name of Case.

Mutual Property
Insurance Co.,
Ltd. v. Com-
missioners of
Inland Revenue.

Précis of Decision.

Date of
Judgment.

Where reported.

Court.

17th

1926.

A second mortgage of
freehold property sub- November,
ject to an existing first

mortgage contained a
covenant by the bor-
rower to pay by instal-
ments (a) a sum equiva-
lent to the amount of
the loan the subject of
the first mortgage, (b)
a sum equivalent to the
amount of the loan the
subject of the second
mortgage, and (c) a sum
equivalent to the interest
on the amounts remain-
ing unpaid under both
mortgages. There was
a proviso for redemption
on payment of the
amount of the second
mortgage and interest
thereon. The first mort-

gage had been duly
stamped with the appro-
priate duty on the
amount thereby secured.
Held that the second
mortgage was liable to
stamp duty on the
aggregate of the two
sums secured by the two
mortgages, the covenant
contained in the second
mortgage to pay the
amount secured by the
first mortgage being an
additional

covenant

made with a different
covenantee.

TABLE 32.-Budget Estimate, Exchequer Receipt and Net

£

£

£

1916-17

1917-18

1918-19

£ £ 7,000,000 7,878,000 6,904,868 516,451 343,097 7,764,416 8,000,000 8,300,000 7,554,869 587,924 411,031 8,553,824 9,250,000 12,438,000 10,944,256 893,256 579,509 12,417,021 1919-20 16,000,000 22,586,000 20,604,893 1,483,649 802,925 22,891,467 1920-21 25,200,000 26,591,000 23,831,798 1,798,760 910,256 26,540,814 1921-22 20,900,000 19,638,000 17,603,826 1,387,176 586,269* 19,577,271*

..

GREAT BRITAIN.

£

..

..

1922-23 18,250,000 22,222,000 20,167,634 1,683,623 1923-24 20,000,000 21,570,000 20,010,571 1,568,185 1924-25 21,000,000 22,850,000 20,980,783 1,777,376 1925-26 24,000,000 24,700,000 23,137,196 1,992, 173 1926-27 25,000,000 24,750,000 23,186,777 1,682,779

..

21,851,257

21,578,756

22,758,159

25,129,369

24,869,556

Excluding Northern Ireland after 21st Nov., 1921.

TABLE 33.-Stamp Duties. Classification, 1926-27.

Includes small sums received in respect of Proxies (at 1d.) and Scrip Certificates. See also relative note at foot of Table 34.

1916-17.

1917-18. 1918-19. 1919-20. 1920-21. 1921-22. 1922-23. 1923-24. 1924-25. 1925-26. 1926-27.