Customs and Inland Revenue Act, 1885

Part II.

Stamps.

Duties on Property of Bodies Corporate and Unincorporate.

Grant of duty on property of corporate and unincorporate bodies.

11. [Recital.] There shall be levied and paid to Her Majesty in respect of all real and personal property which shall have belonged to or been vested in any body corporate or unincorporate during the yearly period ending on the fifth day of April in any year, a duty at the rate of five pounds per centum upon the annual value, income, or profits of such property accrued to such body corporate or unincorporate in the same yearly period, after deducting therefrom all necessary outgoings, including the receiver’s remuneration, and costs, charges, and expenses properly incurred in the management of such property.

Subject to exemption from such duty in favour of property of the descriptions following (that is to say)—

(1.) Property vested in or under the control or management of the Commissioners of Works, or the Commissioners of Woods, or any Department of Government.

(2.) Property which, or the income or profits whereof, shall be legally appropriated and applied for the benefit of the public at large or of any county, shire, borough, or place, or the ratepayers or inhabitants thereof, or in any manner expressly prescribed by Act of Parliament.

(3.) Property which, or the income or profits whereof, shall be legally appropriated and applied for any purpose connected with any religious persuasion, or for any charitable purpose, or for the promotion of education, literature, science, or the fine arts.

(4.) Property of any friendly society or savings bank established according to Act of Parliament.

(5.) Property belonging to or constituting the capital of a body corporate or unincorporate established for any trade or business, or being the property of a body whose capital stock is so divided and held as to be liable to be charged to legacy duty or succession duty.

(6.) Property acquired by or with funds voluntarily contributed to any body corporate or unincorporate within a period of thirty years immediately preceding.

(7.) Property acquired by any body corporate or unincorporate within a period of thirty years immediately preceding where legacy duty or succession duty shall have been paid upon the acquisition thereof.