HC Deb 07 July 1920 vol 131 cc1590-1

(1) The Stamp Duty chargeable under the heading "POLICY OF INSURANCE AGAINST ACCIDENT and POLICY of insurance for any payment agreed to be made during the sick- ness of any person or his incapacity from personal injury or by way of indemnity against loss or damage of or to any property" in the First Schedule to the principal Act shall be sixpence instead of one penny.

(2) The rate of Stamp Duty payable by way of composition in respect of the Stamp Duty on any such policies as aforesaid under Section one hundred and sixteen of the principal Act as amended by Section thirteen of the Finance Act, 1896, and Sub-section (2) of Section eight of the Finance Act, 1907, or payable by way of composition under or by virtue of any private or other Acts, shall, in the case of accounts required to be delivered within twenty days after the tenth day of October, nineteen hundred and twenty, be thirteen pounds per centum, and in the case of all subsequent accounts be twenty-five pounds per centum instead of five pounds per centum.

(3) The word "sixpence" shall be substituted for the words "one penny" in Sections ninety-eight, ninety-nine, and one hundred and sixteen of the principal Act.

Sir G. YOUNGER

I beg to move to leave out Sub-section (2).

I have reason to believe the Chancellor of the Exchequer will accept the Amendment. Therefore I do not propose to detain the Committee with any lengthy explanation. I ought to say, however, that this Amendment applies to that class of insurance, such as railway ticket insurance, the risk upon each contract lasting for only a very limited period, and, therefore, placing the contract in a wholly different position from those policies which may run over a course of years. Some exception should, no doubt, have been made in these cases, and I am glad to think that the Chancellor realises this, and proposes to exempt them from the new duty.

Mr. CHAMBERLAIN

The proposal contained in this Sub-section, I understand, would be inequitable and unjustifiable, and I am prepared to accept the Amendment.

Amendment agreed to.

Clause, as amended, ordered to stand part of the Bill.