§ It is hereby declared that the term "share" under the heading "Letter of Allotment and Letter of Renunciation," or "any other document having the effect of a letter of allotment" in the First Schedule to the Stamp Act, 1891, and under the heading "Scrip Certificate, Scrip, or other document" in that Schedule, includes a fractional part of a share.
§ Mr. ARTHUR FELLIt seems to me that this Clause puts an extra tax on shareholders of companies. It appears that the tax will be charged on fractional parts of shares allotted. It has been the practice to take parts of shares and put them together to make full shares, and then I presume the duty would be paid. Now it would appear that the full duty is to be paid on fractional shares—it may be a half or a quarter.
§ Mr. HOBHOUSENo, it does not do that. It relieves the Commissioners of the necessity of putting the Stamp Duty on fractions of shares, and enabling them to charge it upon the whole share. The Clause is to legalise what has been done by the Commissioners, and it is to reduce that charge to the public that this Clause has been put into the Bill.
§ Mr. HOBHOUSEThat is so.
§ Mr. CARLILEMay I ask whether there will be any stamp?
§ Mr. HOBHOUSENo; there will be no stamp.