End of an era for HMRC as antique stamp duty tax presses are mothballed

ANTIQUE stamp duty press machines used by the taxman are being decommissioned, bringing a chapter of financial history spanning more than 300 years to an end.

The presses are about 100 years old and their origins can be traced back to the Victorian era.

From mid-july, an electronic process will be adopted for remaining transactions that still need stamps, such as duty paid on shares purchased on a stock transfer form.

The new process began during the coronavirus pandemic and, having worked well during lockdowns, HM Revenue and Customs (HMRC) has decided to stick with the new approach.

This changeover, which will mean the old machines are officially retired from service on July 19, will leave the defunct presses needing new homes.

Three will be kept by HMRC, but they are looking for suitable institutions that are keen to have one of five remaining decommissioned presses, preserving them for their historical significance.

The presses were designed by the Stamp Office and built by the internal engineering section using parts supplied by Grover and Co of London..

They were able to stamp various denominations and tally the stamps they embossed every day.

People often associate stamp duty with buying a house – but various duties where payment has been indicated by stamps have been devised and withdrawn over the years, applying to dice and playing cards, hats, gloves and mittens.

The process of stamping documents to show that tax had been paid began in England long before the presses existed.

The first stamp duty was introduced in 1694 as a temporary measure to fund the war on France.

It was paid on all paper, vellum or parchment to be used for legal documents – and payment was indicated by an embossed, colourless stamp.