§ MR. WATT (Glasgow, Camlachie)
I beg to ask the Chancellor of the Exchequer whether there is any precedent for charging two Stamp Duties in connection with the Registration of Joint Stock Limited Companies; and, whether he can state the amount of duty collected during the first six months of the current financial year from the new tax in excess of his estimate of £110,000 for the year?
§ MR. GOSCHEN
In reply I have to inform the hon. Member that there were two duties already so charged before the new duty was imposed on the nominal capital of a company—namely, a Fee Duty upon registration, and a 10s. Stamp Duty on the Memorandum of Association. During ten months in the last financial year, the new duty brought in about £160,000, as against the Estimate of £110,000. The first six months of the current financial year have not yet expired, but the yield for the first quarter has been (approximately) £70,000. I fear, however, that I cannot look upon this as giving me a hope that the total yield for the year will be four times that amount, because there has been an extraordinary activity during the last three months in the promotion of companies. No one can say that it will be continuous.