HC Deb 12 April 1910 vol 16 cc1074-5
Mr. NORMAN CRAIG

asked whether marketable securities, share warrants, and stock certificates to bearer, of the kinds referred to in Section 76 of the Finance Bill, 1909, and which were or may be issued before the coming into force of that measure, and which are at the time of transfer or assignment stamped in accordance with the law existing at the date of issue, will require to be restamped in accordance with the new scale proposed by the Finance Bill, 1909, upon transfer or assignment, after that measure comes into force?

The HON. MEMBER

also asked whether, upon the reintroduction of the Finance Bill, 1909, he will introduce some proviso to Section 76 thereof to avoid the necessity of re-stamping, in accordance with the new scale of duties proposed by that measure, marketable securities, share warrants, and stock certificates to bearer of the kinds referred to in that Section, and which had been issued and duly stamped in accordance with existing law before, but might be transferred or assigned after, the coming into force of that measure?

Mr. LLOYD-GEORGE

No marketable security, share warrant, or stock certificate to bearer, which became liable to Stamp Duty prior to the passing of the Finance Bill of last Session, and which had been duly stamped in conformity with the law in force at the time when it became so liable, would attract any additional duty under the Finance Bill.

Mr. NORMAN CRAIG

Having regard to the general importance of this to the mercantile community, will the right hon. Gentleman take the opinion of the Law Officers of the Crown on the legal point involved?

Mr. LLOYD-GEORGE

If there is any special legal point I will certainly call their attention to it.

Mr. NORMAN CRAIG

asked the Chancellor of the Exchequer whether, in his estimate of the revenue to be derived from the Finance Bill, 1909, he included any sum in respect of Stamp Duties upon marketable securities, share warrants, and stock certificates to bearer of the kinds referred to in Section 76 of the Finance Bill, 1909, which had been issued and duly stamped in accordance with existing law before, but would be transferred or assigned after, the coming into force of that measure; and what was the sum so included?

Mr. LLOYD-GEORGE

No, Sir.