§ MR. FIELDTo ask Mr. Chancellor of the Exchequer whether he will consider the advisability of imposing a stamp duty upon all time bargains so as to control and check such options; whether he can explain why bonâ fide contracts should be taxed and gambling operations in food stuffs, shares, and warrants should be left free from tax or duty.
(Answered by Mr. Asquith.) The questions in connection with stamp duties generally are of a very complicated character, and the desirability of revising some of the duties is engaging my attention. I do not, however, think it would be practicable, for stamp duty purposes, to draw distinctions between contracts on the basis of the supposed motives of the contracting parties; and the suggestion that speculative contracts, as contracts, receive preferential treatment under the existing law is incorrect. The only difference is that where a contract is followed by a substantive transfer of property that transfer may attract duty, while, of course, if there is no such transfer no transfer duty is payable.