66. Captain SHAW
asked the Financial Secretary to the Treasury whether, in cases where sales to the public of fixed trust units and sub-units are neutralised through sales by the public of such units and sub-units, he can say what arrangements have been made for collecting the Stamp Duty which would be payable if the transactions had taken place in the constituent parts of the units; and whether he is aware that, in the difference between the buying and the selling prices quoted by these fixed trusts, the Stamp Duty payable by the purchaser is supposed in each case to be included?
§ Mr. W. S. MORRISON
My hon. and gallant Friend is perfectly correct in suggesting that there is a question for consideration, and he is, of course, aware that a Departmental Committee has been appointed to inquire into fixed trusts in all their aspects. The answer to the first part of the question is that Stamp Duty, under the law, depends upon the nature of the instruments employed, and that arrangements exist for collecting duty on instruments that are at present liable to it. With regard to the second part, I have not, the necessary information to enable me to confirm his statement.
§ Mr. THURTLE
Pending the receipt. of this report, will the Government issue a warning to investors against putting their money into these fixed trusts?