(1)Save where other express provision is in this Act made, any unstamped or insufficiently stamped instrument may be stamped after the execution thereof, on payment of the unpaid duty and a penalty of ten pounds, and also by way of further penalty, where the unpaid duty exceeds ten pounds, of interest on such duty, at the rate of five pounds per centum per annum, from the day upon which the instrument was first executed up to the time when the amount of interest is equal to the unpaid duty.
(2)In the case of such instruments herein-after mentioned as are chargeable with ad valorem duty, the following provisions shall have effect:
(a)The instrument, unless it is written upon duly stamped material, shall be duly stamped with the proper ad valorem duty before the expiration of thirty days after it is first executed, or after it has been first received in the United Kingdom in case it is first executed at any place out of the United Kingdom, unless the opinion of the Commissioners with respect to the amount of duty with which the instrument is chargeable, has, before such expiration, been required under the provisions of this Act:
(b)If the opinion of the Commissioners with respect to any such instrument has been required, the instrument shall be stamped in accordance with the assessment of the Commissioners within fourteen days after notice of the assessment:
(c)If any such instrument executed after the sixteenth day of May one thousand eight hundred and eighty-eight has not been or is not duly stamped in conformity with the foregoing provisions of this subsection, the person in that behalf herein-after specified shall incur a fine of ten pounds, and in addition to the penalty payable on stamping the instrument there shall be paid a further penalty equivalent to the stamp duty thereon, unless a reasonable excuse for the delay in stamping, or the omission to stamp, or the insufficiency of stamp, be afforded to the satisfaction of the Commissioners, or of the court, judge, arbitrator, or referee before whom it is produced;
(d)The instruments and persons to which the provisions of this subsection are to apply are as follows:—
| Title of Instrument as described in the First Schedule to this Act. | Person liable to Penalty. |
|---|---|
| Bond, covenant, or instrument of any kind whatsoever. | The obligee, covenantee, or other person taking the security. |
| Conveyance on sale | The vendee or transferee. |
| Lease or tack | The lessee. |
| [F1Agreement for lease or tack chargeable under section 75.] | [F1The person contracting for the lease or tack to be granted to him or another.] |
| . . . F2 | . . . F2 |
| [F3Unit Trust Investment] | [F3The Trustees] |
(3)Provided that save where other express provision is made by this Act in relation to any particular instrument:—
(a)Any unstamped or insufficiently stamped instrument which has been first executed at any place out of the United Kingdom, may be stamped, at any time within thirty days after it has been first received in the United Kingdom, on payment of the unpaid duty only: and
(b)The Commissioners may, if they think fit, . . . F4 mitigate or remit any penalty payable on stamping.
(4)The payment of any penalty payable on stamping is to be denoted on the instrument by a particular stamp.
Textual Amendments
F1Words inserted by Finance Act 1984 (c. 43, SIF 114), s. 111(4)(5)
F2Words repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VI
F3Words substituted in relation to instruments made on or after 1.8.1962 by Finance Act 1962 (c. 44), s. 30(1)
F4Words repealed by Finance Act 1895 (c. 16), Sch.
Modifications etc. (not altering text)
C1S. 15 modified (3.5.1994 with effect as mentioned in s. 240(4) of the amending Act) by 1994 c. 9, s. 240(1)(4)
C2S. 15 excluded (31.7.1998) by 1998 c. 36, s. 150(2)
C3S. 15(2) extended by Finance (1909–10) Act 1910 (c. 8), s. 74(2)
Yn ddilys o 27/07/1999
(1)Interest is payable on the stamping of an instrument which—
(a)is chargeable withad valorem duty, and
(b)is not duly stamped within 30 days after the day on which the instrument was executed (whether in the United Kingdom or elsewhere).
(2)Interest is payable on the amount of the unpaid duty from the end of the period of 30 days mentioned in subsection (1)(b) until the duty is paid.
If an amount is lodged with the Commissioners in respect of the duty, the amount on which interest is payable is reduced by that amount.
(3)Interest shall be calculated at the rate applicable under section 178 of the M1Finance Act 1989 (power of Treasury to prescribe rates of interest).
(4)The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5.
No interest is payable if that amount is less than £25.
(5)Interest under this section shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes.]
Textual Amendments
F5Ss. 15, 15A and 15B substituted (27.7.1999 with effect as applies to instruments executed on or after 1.10.1999) by 1999 c. 16, ss. 109(1)(4), 122 (with s. 123(4))
Modifications etc. (not altering text)
C4S. 15A applied (27.7.1999 with effect as applies to instruments executed on or after 1.10.1999) by 1994 c. 9, s. 240(2) (as substituted by 1999 c. 16, ss. 109(3)(4), 122, Sch. 12 para. 4)
s. 15A applied (with modifications) (retrospective to 28.3.2000 and with effect as mentioned in s. 116(2) of the amending Act) by 2000 c. 17, s. 116(2)(3), Sch. 32 para. 7
S. 15A applied (24.7.2002 with application as mentioned in s. 115(8) of the amending Act) by 2002 c. 23, s. 115(5)(b)
C5S. 15A(3)-(5) applied (retrospective to 24.4.2002 with effect as mentioned in s. 111(10) of the amending Act) by 2002 c. 23, s. 111(6), Sch. 34 para. 5(2)
Marginal Citations
Yn ddilys o 27/07/1999
(1)A penalty is payable on the stamping of an instrument which is not presented for stamping within 30 days after—
(a)if the instrument is executed in the United Kingdom, the day on which it is so executed;
(b)if the instrument is executed outside the United Kingdom, the day on which it is first received in the United Kingdom.
(2)If the instrument is presented for stamping within one year after the end of the 30-day period mentioned in subsection (1), the maximum penalty is £300 or the amount of the unpaid duty, whichever is less.
(3)If the instrument is not presented for stamping until after the end of the one-year period mentioned in subsection (2), the maximum penalty is £300 or the amount of the unpaid duty, whichever is greater.
(4)The Commissioners may, if they think fit, mitigate or remit any penalty payable on stamping.
(5)No penalty is payable if there is a reasonable excuse for the delay in presenting the instrument for stamping.]
Textual Amendments
F6Ss. 15, 15A and 15B substituted (27.7.1999 with effect as mentioned in s. 109(4) of the amending Act) for s. 15 by 1999 c. 16, ss. 109(1)(4), 122, 123(4)
Modifications etc. (not altering text)
C6S. 15B applied (27.7.1999 with effect as mentioned in s. 109(4) of the amending Act) by 1994 c. 9, s. 240(2) (as substituted (27.7.1999 with application as mentioned) by 1999 c. 16, ss. 109(3)(4), 122, Sch. 12 para. 4)
s. 15B applied (with modifications) (retrospective to 28.3.2000 and with efect as mentioned in s. 116(2) of the amending Act) by 2000 c. 17, s. 116(2)(3), Sch. 32 para. 7