§ MR. J. B. SMITH
asked Mr. Chancellor of the Exchequer, Why Transfers of the Debenture Stocks of Public Companies and Corporations should not be put on the same footing as the other Stocks of such Bodies by the payment of the same Stamp Duty when transferred on a nominal consideration; and, whether it be his intention to rectify the anomaly in the Stamp Bill now before the House?
§ THE CHANCELLOR OF THE EXCHEQUER
Sir, some three or four years ago it was discovered that certain companies had obtained in their Private Acts a right to pay only 6d. per cent upon the transfer of their debenture stock. A Bill was brought in to remedy this, and great doubt arose as to whether the stamp ought to be 30s. or 35s. on debenture stock transferred for a nominal consideration. The right hon. Gentleman the Member for Northamptonshire (Mr. Hunt), 1767 who was then Secretary to the Treasury, and other hon. Members of this House, had a conference on the question with the officers of the Inland Revenue, and, after much consideration, it was resolved to fix it at 2s. 6d. per cent, the sum at which it now stands. I am not prepared to deny the statement of the hon. Member for Stockport that this looks like an anomaly; but, not having had an opportunity of considering the matter since Notice of the Question was given, I cannot pledge myself to take any step in reference to the subject.