Stamp Act
From Wikipedia, the free encyclopedia
A stamp act is a law enacted by a government that requires a tax to be paid on the transfer of certain documents such as property deeds. 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 medicines, cheques, mortgages, contracts and newspapers. 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.
Stamp acts were in force in many countries including Australia, Bhutan,China, Canada, Ireland, Malaysia, Israel, the United Kingdom and the United States of America.
Contents |
[edit] Headline text
[edit] Stamp acts in Britain and America
Stamp duties are the oldest taxes still raised by the Inland Revenue. for social studies
[edit] Stamp acts that were an issue while colonizing America
====1689 Stamp Act====solea is hot 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 4 years, towards carrying on the war against France.
The duty ranged between 1 penny to shillings 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 a year and although it was initially a temporary measure, it proved so successful that its use was continued.
[edit] 1724 Stamp Act
In 1724 the Act was renewed, although vigorously resisted, its tax on publications was eventually enforced. In 1743 selling unstamped newspapers was made a criminal offence.
[edit] 1765 Stamp Act
In 1765, Prime Minister George Grenville proposed, and Parliament passed, a Stamp Act to be enacted in the American colonies. It placed a tax on legal documents such as contracts, licenses and wills, and on newspapers, playing cards and dice. Colonial leaders protested that such a tax was "internal," or intended to regulate behavior entirely within the colonies, as opposed to the Navigation Laws (taxes on imported goods), which were "external" and therefore acceptable. They protested also that the goal of the tax was explicitly to raise revenue, whereas the Navigation laws were intended to maintain the system of mercantalism by which the Empire managed its economy.
[edit] Post-American Revolution Stamp Acts
[edit] 1777 Stamp Act
Introduced by William Pitt the Younger who described Stamp Duty as a tax easily raised, pressing little on any particular class, especially the lower orders of society, and producing a revenue safely and expeditiously collected at small expense. He pointed out that there had been no significant increases in Stamp Duty for some time and so practically doubled the tax. It taxed all paper products.
[edit] 1808 Stamp Act
Stamp Duty was first imposed on conveyances on sale. Duties in England and Scotland were equalized for the first time.
[edit] 1815 Stamp Act
Ad valorem duty was extended to more documents. Newspaper stamp duty was increased to sixpence a page making papers unobtainable to all but the rich. That year the tax raised £3,250,000. Some publishers such as Richard Carlile defied the law and continued to publish their newspapers without charging the extra tax. Carlile was tried on charges of blasphemy and seditious libel in an attempt to close down his paper, The Republican. He was found guilty, sentenced to three years in Dorchester Jail and fined £1,500.
The poet William Wordsworth worked as Distributor of Stamps for Westmorland from this time until his death. Little is known of his official activities, but it seems from a government report that he was in charge of a large area and was prompt in the performance of his duties.
In the 1830s men such as Henry Hetherington, James Watson, John Cleave, George Julian Harney and James O'Brien joined Richard Carlile in fighting against what they called a 'tax on knowledge'. The men were often persecuted, being arrested and punished for contravention of the Act. Sales of unstamped newspapers were vastly higher than legal news sources such as The Times.
[edit] 1840 Stamp Act
The first adhesive postage stamp, the Penny Black, was introduced at the suggestions of Rowland Hill. This Act gave responsibility for supplying the new postage stamps to the Stamps and Taxes Department.
[edit] 1842 Stamp Act
Stamp Duties in Ireland were equalised with those in the rest of the United Kingdom. The Stamp Act was based on the Third president of the USA, which was Thomas Jefferson.
[edit] 1855 Stamp Act
The tax on newspapers was finally abolished following pressure from the publishers' lobbying group, the Newspaper Stamp Abolition Committee led by Henry Hetherington.
[edit] 1870 Stamp Acts
Three laws relating to Stamp Duty were passed in this year:
- The Stamp Act 1870
- The Stamp Duties Management Act
- The Inland Revenue Appeal Act.
[edit] 1891 Stamp Act and Stamp Duties Management Act
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.
[edit] The modern UK Stamp Act
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 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 Post Office.
The Finance Act 1986 introduced 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.
A public display of Stamp Office artefacts 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.
The Finance Act 1999 consolidated much Stamp Act law into a single document. Today it yields more than £1 billion every year to the Treasury.
