Stamp act: Difference between revisions
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A '''stamp act''' is a law enacted by government that requires a tax to be paid on the transfer of certain documents.The stamp act was considered upsetting to some people. Those that pay the tax receive an official stamp on their documents. The tax raised, called [[stamp duty]], was first devised in the [[Netherlands]] in 1624 after a public competition to find a new form of tax. A variety of products have been covered by stamp acts including [[playing cards]], [[patent medicine]]s, [[cheque]]s, [[mortgage]]s, [[contract]]s and [[newspaper]]s. The items often have to be physically stamped at approved government offices following payment of the duty, although methods involving annual payment of a fixed sum or purchase of adhesive stamps are more practical and common. |
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Stamp acts were enforced in many countries, including [[Australia]], [[People's Republic of China]], [[Canada]], [[Ireland]], [[Malaysia]], [[Israel]], the [[United Kingdom]] and the [[United States of America]]. |
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==Stamp acts in Britain and America== |
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===English and United Kingdom Stamp Acts=== |
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====1694 Stamp Act==== |
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A [[Stamp Duty]] was first introduced in [[England]] in 1694 following the Dutch model as ''An act for granting to Their Majesties several duties on [[Vellum]], Parchment and Paper for 10 years, towards carrying on the war against [[France]]'' (5 & 6 Will. & Mar. c. 21).<ref>{{cite book|last=Russell|first=David Lee|title=The American Revolution in the Southern Colonies|publisher=[[McFarland & Company]]|year=2000|isbn=9780786407835|page=27}}</ref> The duty ranged between 1 penny to several [[shilling]]s on a number of different legal documents including insurance policies, documents used as evidence in courts, grants of honour, grants of [[probate]] and letters of administration. It raised around 50,000 pounds a year and although it was initially a temporary measure, it proved so successful that its use was continued. The British Stamp Act was the taxing of paper products by payable stamps. |
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====1891 Stamp Act and Stamp Duties Management Act==== |
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All the above Acts were superseded by the Stamp Duties Management Act 1891 and the Stamp Act 1891 which still constitute the bulk of UK law on Stamp Duties today. |
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====The modern UK Stamp Act==== |
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In 1914 The Director of Stamping at the Stamp Office oversaw the production of the first ''Treasury Notes'' (later called banknotes, not to be confused with [[Treasury security#Treasury note|US Treasury notes]]). This lasted until 1928 when production of banknotes passed from the Department to the [[Bank of England]]. In 1963 production of postage stamps passed to the [[General Post Office]]. |
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The [[Finance Act 1986]] introduced [[Stamp duty#Stamp Duty Reserve Tax|Stamp Duty Reserve Tax]]. From 27 October 1986 the charge was imposed on 'closing' transactions at the [[London Stock Exchange]] which until then had been transactions where no document was used and therefore exempt from Stamp Duty. |
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A public display of Stamp Office [[Artifact (archaeology)|artifact]]s and records was held at the [[Courtauld Institute]] in 1994 to commemorate the three hundredth anniversary of the introduction of UK Stamp Duty. The Stamp Office was also awarded the [[Charter Mark]] by [[John Major]]'s Advisory Committee as a reward for its public service. |
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Stamp duties are the oldest taxes still raised by the [[Inland Revenue]]. |
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===American Stamp Acts=== |
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====1765 Stamp Act==== |
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{{mainarticle|Stamp Act 1765}} |
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The Stamp Act of 1765 was the first stamp act to be passed by the Parliament of Great Britain and required all legal documents, permits, commercial contracts, newspapers, wills, pamphlets, and playing cards in the American colonies to carry a tax stamp. The act was enacted in order to pay for a portion of the costs of maintaining an army in the territories gained in North America during the [[Seven Years' War]]. However, colonists protested that a tax laid upon them by a legislature in which they were not represented violated the British constitutional right of [[no taxation without representation]]. Colonial resistance to the act led to its repeal on March 18, 1766. |
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==References== |
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{{reflist}} |
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{{UK legislation}} |
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[[Category:Taxation]] |
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[[Category:Acts of the Parliament of Great Britain]] |
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[[de:Stempelsteuer]] |
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[[es:Ley del Timbre]] |
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[[fr:Droit d'enregistrement]] |
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Revision as of 12:51, 10 September 2009
Hi Christina