HC Deb 07 April 1959 vol 603 cc52-3

I have been impressed with the case made against the present system of stamp duties on sea insurance policies. These policies are subject to ad valorem duty, the rate depending on several complicated factors. The duty is, in effect, largely a tax on exports. A large part of the marine insurance business of the British market is overseas business and I do not want to retain a tax which may represent an obstacle to this business. I therefore propose to get rid of the special duty on sea policies and to make them subject only to a fixed duty of 6d. like other kinds of accident policies. This change will also bring some benefit to the shipping industry and to shippers. The cost will be about £2 million this year and £3 million in a full year.