§ For the Stamp Duties chargeable under paragraph (2) of the heading "POLICY OF SEA INSURANCE" in the First Schedule to the principal Act there shall be substituted the 1592 duties at the following rates, that is to say:—
- (a) For or upon any voyage— where the sum insured— does not exceed £250–3d.; exceeds £250 but does not exceed £500–6d.; exceeds £500 but, does not exceed £750–9d.; exceeds £750 but does not exceed £1,000–1s.; exceeds £1,000, for every £500 and any fractional part of £500–6d.
- (b) For time— where the insurance is made for any time not exceeding six months, an amount equal to three times the amount which would be payable if the insurance were made upon a voyage; where the insurance is made for any time exceeding six months and not exceeding twelve months, six times the amount which would be payable if the insurance were made upon a voyage.
§ Motion made, and Question proposed, "That the Clause stand part of the Bill."
§ Lieut.-Commander KENWORTHYI want to protest against the taxation of sea insurance policies. The money that this increased duty will put on shipowners may not be very great, but the aggregate extra tax on the shipping of the country is £75,000 this year and in a full year it will be £150,000. This applies not only to the large liner but to the humble tramp steamer and the small trawler. It is true that shipowners have made great fortunes during the War, but when one talks of British shipping having profited so much it must be remembered that neutral shipowners did very much better. They were not taxed to the same extent and they constitute now a serious rival to British shipping. I hope that the Chancellor of the Exchequer will give the same assurance with regard to this tax that he gave with regard to the tax on capital issues, that this is high water mark and that no greater tax will be proposed in future years.
§ Lieut.-Commander KENWORTHYYou did just now.
§ Clause 39 (Interpretation and Commencement, 54 & 55 Vict. c. 39), ordered to stand part of the Bill.