§ DR. CLARK (Caithness)asked Mr. Chancellor of the Exchequer, Whether he is aware that, according to the statements of the officials of the Provident Association of London (Limited), that Company has issued over 80,000 bonds to the nominal value of over £2,000,000 sterling; and, whether such bonds are subject to Stamp Duty; and, if so, whether they were duly stamped?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)The Inland Revenue has no official information that such bonds have been issued by the Company referred to, as stated. Such bonds would be liable to Stamp Duty; but it is not known whether they have been stamped or not. As the law now stands, no penalty would be incurred by the issue of such bonds unstamped. The only safeguard to the Stamp Revenue which exists is that such bonds, if unstamped, could not be produced as evidence in Court, except on payment of a penalty of £10 in each case. It has already been stated to the House that it is proposed to make the application of the existing law respecting the stamping of instruments somewhat more stringent. A clause has been inserted in the Customs and Inland Revenue Bill which imposes the penalty of £10 upon any person neglecting to pay the duty chargeable on any instrument within 14 days from the date of its execution; and, in addition, the penalty will be increased by the forfeiture of an amount equal to the unpaid duty.