Speyer Brothers v Inland Revenue: HL 22 Jan 1908

Where a document is by its statutory description chargeable under the Stamp Act as a ‘promissory note,’ and also as a ‘marketable security,’ the Crown has a choice whether it will charge it under the one or the other description. In other words, by virtue of the Act the Crown is entitled to charge the higher rate of stamp, but cannot charge both rates upon the same document.
Terms of a document held to be both a ‘promissory note’ and a ‘marketable security.’

Judges:

Lord Chancellor (Loreburn), Lords Macnaghten, Robertson, and Atkinson

Citations:

[1908] UKHL 972

Links:

Bailii

Jurisdiction:

England and Wales

Stamp Duty

Updated: 26 April 2022; Ref: scu.621491