HC Deb 02 May 1895 vol 33 cc312-3

The following are some particulars of stamps. We take the new estate duty at £6,100,000, including arrears of old probate and estate duty, which, however, are quite trifling. This is rather more than £1,500,000 above the net receipt from new estate duty and old probate and estate duty for 1894–5. Added to the million or thereabouts by which 1894–5 exceeded 1893–4, this will make the total increment from the new estate duty in 1895–6, as compared with 1893–4, £2,500,000. Against this, however, I set a reduction of £150,000 in the succession duty, which will begin to be affected in the present year by the new estate duty, which absorbs a great part of the old succession duty. I take succession duty for 1895–6 at £1,200,000; that is, £150,000 less than 1894–5. Legacy duty I take at £2,800,000, or £9,000 less than last year. The total of the death duties will therefore be £10,100,000, as against £8,727,000, an increase of £1,373,000 over the receipts of last year, and an increase of £2,521,000 over the net receipts of 1893–4, before the new system came into operation; so that the greater part of the increased expenditure will be met by the increased receipts from the death duties. I take general stamps at £5,700,000 which is £148,000 less than last year, and £495,000 more than in the year 1893–4. I assume, therefore, that the great bulk of the enormous increase of the past year will be maintained, though prudence dictates some reduction, especially in respect of the receipts from the Stock Exchange.