“CHEQUELETS”
ACTION AGAINST A BANK STAMP DUTY AVOIDED By Cable.—Press Association.—Copyright RUGBY, Monday. 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 “chequelets” 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. Tlu* 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 The “chequelets” had been withdrawn by the Midland Bank pending the hearing of the test case.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.—A. and N.Z.
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Bibliographic details
Sun (Auckland), Volume 1, Issue 107, 27 July 1927, Page 9
Word Count
166“CHEQUELETS” Sun (Auckland), Volume 1, Issue 107, 27 July 1927, Page 9
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