§ 59. Mr. Horabin
asked the Chancellor of the Exchequer whether he is aware that, in proposing to repeal the Medicine Stamp Duties, his predecessor was influenced by the action threatened by Messrs. Woolworth for illegal administration of the duties; and whether, as an alternative to repeal, he will consider the introduction of a Bill to legalise any such administration?
§ Sir K. Wood
The legal action to which my hon. Friend refers merely illustrated the difficulties to which the administration of these antiquated Acts continually gave rise. The answer to the second part of the Question is therefore in the negative.
§ 61. Major Procter
asked the Financial Secretary to the Treasury what is the present approximate annual yield of the Purchase Tax upon medicines; and to what extent this yield exceeds the present annual yield of the Medicine Stamp Duties?
§ The Financial Secretary to the Treasury (Captain Crookshank)
Before the announcement of the abolition of the Medicine Stamp Duty in the recent Budget it was estimated that the yield of the duty in a full year would be £800,000. Precise figures of the yield of the Purchase Tax on prepared drugs and medicines are not available, but I think it possible that the yield for a full financial year will be of the order of £3,000,000.