CORPORATION DUTY. 36. Corporation Duty is a Stamp Duty imposed by the Customs and Inland Revenue Act, 1885, by way of compensation to the Revenue for the non-liability to Death Duties of certain property belonging to or vested in bodies corporate or unincorporate. The duty is charged at the rate of £5 per cent. on the net annual value of income or profits accrued in respect of all real or personal property held by such bodies, except so far as specifically exempted under the Act. 37. A brief note on the Stamp Duties and a Table of the principal duties appeared in our 65th Report. The following Judicial Decision was given in the House of Lords on 17th December, 1923: Baker and another v. Commissioners of Inland Revenue. A resettlement of real estate, following a disentailing deed with the consent of the protector of the settlement, was held to be a Conveyance operating as a Voluntary Disposition inter vivos within Section 74 of the Finance (1909-10) Act, 1910, there being evidence on which the Commissioners could find that a substantial benefit was conferred on the persons to whom the property was conveyed. (1924 A.C. 270). TABLE 33.-Stamp Duties. Budget Estimate, Exchequer Receipt and Net Receipt. £ 1913-14 1914-15 1915-16 1916-17 1917-18 1918-19 £ £ 9,800,000 9,966,000 9,020,532 7,575,000 7,577,000 6,588,984 6,500,000 6,764,000 5,977,402 7,000,000 7,878,000 6,904,868 516,451 343,097 8,000,000 8,300,000 7,554,869 587,924 411,031 8,553,824 9,250,000 12,438,000 10,944,256 893,256 579,509 12,417,021 1919-20 16,000,000 22,586,000 20,604,893 1,483,649 802,925 22,891,467 1920-21 25,200,000 26,591,000 23,831,798 1,798,760 910,256 26,540,814 1921-22 20,900,000 19,638,000 17,603,826 1,387,176 586,269* 19,577,271* In GREAT £ £ £ 626,648 336,183 9,983,363 541,728 304,081 7,434,793 491,971 310,625 6,779,998 7,764,416 .. 1922-23 18,250,000 22,222,000 20,167,634 1,683,623 1923-24 20,000,000 21,570,000 20,010,571 1,568,185 .. Excluding Northern Ireland from 22nd Nov., 1921. TABLE 34.-Stamp Duties. Classification, 1923–24. • Includes small sums received in respect of Proxies (at 1d.) and Scrip Certificates. note at foot of Table 35. 678,262 20,010,571 51,594 9,581 729,856 1,568,185 21,578,756 See also relative |