HC Deb 12 July 1922 vol 156 cc1317-8

The Stamp Duty chargeable by way of composition for Stamp Duty under Section one hundred and fourteen of the Stamp Act, 1891, as extended or amended by Section thirty-nine of the Finance Act, 1894, Section five of the Finance Act, 1898, and Section thirty-seven of the Finance Act, 1920, shall, in the cases hereinafter mentioned, be reduced so as to be—

  1. (a) when the period within which the stock is to be redeemed or paid off, or during which annual or other payments in respect of the redemption or payment off of the stock are required to be made, does not exceed twenty years from the date of the composition, one shilling for every ten pounds and any fraction of ten pounds of the nominal amount of the stock inscribed at the date of the composition; and
  2. (b) when the said period exceeds twenty years but does not exceed forty years from the said date, two shillings for every such ton pounds or fraction of ten pounds.—[Sir R. Horne.]

Brought up, and read the First time.

Sir R. HORNE

I beg to move, "That the Clause be read a Second time."

This was a question which was raised by the High Commissioner for the Commonwealth It was pointed out that in connection with loans for a short period the Stamp Duty was unduly heavy. The Stamp Duty began previously at the rate of 25s. for loans for anything up to 60 years. What we propose in this Clause is to make a graduated Stamp Duty, so that you begin at 10s. for shorter periods, rising gradually to the higher figures which were previously imposed upon the longer-dated loans. It is a matter of expediency, in which we were very glad to meet the desires of the Australian Commonwealth, who are finding it necessary, like other people, to issue short-dated loans at the present time. I hope the House will readily agree to adopt this new Clause.

Sir G. COLLINS

I merely rise to ask whether this Clause will only operate so far as loans for Overeass Dominions are concerned, or will cover a much wider range than the right hon. Gentleman forecasted?

Sir R. HORNE

It applies to the Colonial loans, which were included in the previous Statute.

Clause read a Second time, and added to the Bill.