STAMP DUTY AVOIDED.
BRITISH BANK'S NEW FORMS.
CROWN WINS TEST CASE.
(British Official Wireless.) (Received July 26, 5.5 p.m.) A. and N.Z. RUGBY, July 25. Judgment was given to-day by Mr. Justice Rowlatt in a test case regarding "chequelets," the form of receipt recently issued by the Midland Bank. These "cliequelets" did not bear the 2d stamp which is required by law for cheques, and were intended to be used by the bank's customers for the payment of amounts below £2. Counsel for 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 did not incur stamp duty. The Inland Revenue authorities, however, submitted that these documents were bills of exchange and therefore required a stamp. 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 The ."chequelets" had been withdrawn by the Midland Bank pending the hearing of the test case. In view of the decision of the Court their further use is, of course, impossible.
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Bibliographic details
New Zealand Herald, Volume LXIV, Issue 19699, 27 July 1927, Page 11
Word Count
176STAMP DUTY AVOIDED. New Zealand Herald, Volume LXIV, Issue 19699, 27 July 1927, Page 11
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