1126. Scope of stamp duty.

Stamp duty has been in force since the seventeenth century and is imposed at various rates upon specified categories of instrument. An 'instrument' includes every written document¹, and liability to stamp duty arises at the moment when an instrument of a kind which attracts a charge is executed². It has been said that stamp duty is payable on documents, not transactions³. Stamp duty is now imposed only on instruments relating to stock or marketable securities⁴ and instruments transferring interests in partnerships holding stock or marketable securities⁵, and is subject to a range of exemptions⁶.

Except where express provision is made