§ 55. Sir H. BRITTAINasked the Chancellor of the Exchequer whether he is aware that during 1926 a number of limited companies were registered with the expressed object of effecting amalgamation between companies conducting similar businesses, and that such registrations involved in effect the payment twice over of the capital duty of £1 per £100 upon the issued capital of the constituent companies apart from the conveyance duty: and, in view of the fact that amalgamations beneficial to industry are often prevented by reason of the high duties payable, if he is prepared to consider in his Budget an exemption from stamp duties in all cases where amalgamations are effected and the members of the new company are identical with the members of the constituent companies?
§ Mr. CHURCHILLMy hon. Friend will not expect me in a matter of this kind either to discuss the assumption which he makes or to anticipate the Budget statement.
§ Sir H. BRITTAINIs the right hon. Gentleman aware that the Company Law Amendment Committee describes this double duty as an unjustifiable burden on industry, and that is acknowledged in the case of recent coal-mining amalgamations?
§ Colonel WEDGWOODDoes the Chancellor of the Exchequer agree that amalgamations are beneficial, particularly to the consumer?
§ Mr. CHURCHILLThe right hon. Gentleman had better ask the right hon. Gentleman the Member for Colne Valley (Mr. Snowden).
§ Sir R. THOMASAre not these amalgamations brought about mainly for the purpose of escaping taxation, and will the right hon. Gentleman put every obstacle in the way in order to prevent them?
§ Mr. CHURCHILLI do not think that represents either the facts or the cause.