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:
Jurisdiction:
England and Wales
Stamp Duty
Updated: 26 April 2022; Ref: scu.621491