§ 52. Sir NICHOLAS GRATTAN-DOYLE
asked the Financial Secretary to the Treasury whether newspapers and magazines offering insurance to registered readers against the risk of fire and/or personal accident are charged the 6d. duty on policies or contracts under the Finance Act, 1920; and, if so, the estimated approximate yield of the tax on such policies and contracts for the financial year 1931–32?
§ Major ELLIOT
Section 116 of the Stamp Act, 1891, provides for the payment of an annual composition duty as an alternative to stamping policies in cases where, in the opinion of the Commissioners of Inland Revenue, it is impracticable to require the ordinary 6d. duty to be stamped on policies. The newspapers insurances which my hon. Friend has in mind are dealt with under this Section. The estimated amount of this composition duty for the year 1931–32 payable in respect of newspaper and magazine insurance schemes is £36,000.