Stamp Duties Consolidation Act 1999 section 59

Penalty for policy of insurance not duly stamped

Section 59 imposed a £500 penalty on a person who failed to make out and execute a duly stamped policy of insurance after receiving a premium, or who paid or allowed money in respect of a policy that was not duly stamped. It repealed by Finance Act 2021 section 62(2).

• The section applied to any person who received, or took credit for, a premium or other consideration for an insurance.
• A duly stamped policy of insurance had to be made out and executed within one month of receiving, or taking credit for, the premium or consideration.
• A £500 penalty also applied to a person who made, executed, delivered, paid, or allowed money on or in respect of a policy that was not duly stamped.
• The penalty did not apply where the insurance was of a kind whose policy was exempt from all stamp duties.