HC Deb 07 July 1920 vol 131 cc1583-4

The Stamp Duties chargeable on any marketable securities transferable by delivery under paragraphs (1) (a) and (c), 3, and 4 of the heading "MARKETABLE SECURITY" in the First Schedule to the principal Act, and the Stamp Duty chargeable on marketable securities transferable by delivery, share warrants, stock certificates, and other instruments to bearer under Sub-section (1) of Section four and Section five of the Finance Act, 1899, on stock certificates to bearer under Section eight of the Colonial Stock Act, 1877, and on certain marketable securities under Section thirteen of the Finance Act, 1911, shall respectively be double the duties which would have been chargeable on these instruments immediately before the passing of this Act.

Motion made, and Question proposed, "That the Clause stand part of the Bill."

Sir F. BANBURY

I have not put an Amendment down to this Clause, but I wish to bring to the knowledge of the Chancellor of the Exchequer certain views which have been placed before me by some of my constituents as to the effect of this tax. The proposal is to double the present duty on all securities transferable by delivery and these duties are charged on the nominal amount. Every security for £100 has to pay a certain duty quite irrespective of the security, and although there is no objection to the double duty in regard to anything near par the doubling of the duty on securities which stand at 20 or 30 on these low-priced securities is a more serious matter. Owing to a variety of circumstances there are a large number of low-priced securities quoted on the Stock Exchange. I am not sure whether this point has been brought to the attention of my right hon. Friend, and all I ask is that he will get up and give me an undertaking that he will consider this point before the Report stage is reached. I do not ask the right hon. Gentleman to make any alteration now, but I do want him to seriously consider the matter before the Report stage.

Mr. CHAMBERLAIN

I will certainly do that. I only regret that my right hon. Friend did not bring this matter to my notice by letter before we reached the Clause.

Sir F. BANBURY

The reason I have so many things to do, escaped my memory.