MIDLAND BANK’S CHEQUELETS
DECLARED LIABLE TO : STAMP DUTY Rugby. July 25. Judgment was given to-day by Mr. Justice Rowlatt in a test case regarding the “chequelets” recently issued by the Midland Bank. These chequelets did not bear the two-penny stamp required for, cheques, and were intended to be used by clients for the payment of amounts below £2. The bank contended that they were only receipts for amounts below £2, and that they were not liable to stamp duty, inasmuch as ordinary receipts for amounts below £2 do not incur stamp duty. The Inland Revenue authorities, however, submitted that these documents were bills of exchange requiring stamps. The Judge decided in favour of the Inland Revenue authorities. The chequelets had been withdrawn by the Midland Bank pending the hearing of the test case, and in view of the Court’s decision their further use is of course impossible.—British Official Wireless.
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Dominion, Volume 20, Issue 256, 28 July 1927, Page 9
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149MIDLAND BANK’S CHEQUELETS Dominion, Volume 20, Issue 256, 28 July 1927, Page 9
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