§ Mr. du Cann
I beg to move, in page 59, line 39, at the beginning to insert:(1) Any instrument which is exempt from duty under the heading set out in section 56(1) of this Act by virtue of exemption 3 in that heading or would be so exempt if it were otherwise chargeable under that heading shall be exempt from stamp duty under or by reference to the heading "Conveyance or Transfer on sale" in Schedule I to the Stamp Act 1891.It will be within the recollection of the Committee that when we were discussing the Amendments in Clause 56, page 54, line 37, in page 54, line 40, and in page 56, line 2, we discussed the position of allotment letters. This Amendment is a follow-up to those Amendments. This new subsection—which, I hope, will find favour with the Committee—clarifies the position as regards the liability to transfer duty on renounce-able allotment letters.
As I earlier had the opportunity, for which I am grateful, to explain the position of allotment letters and the Committee was then good enough to accept our suggestions, I hope that it will similarly accept this point, which is consequential upon those three Amendments.
§ Amendment agreed to.767
§ Clause, as amended, ordered to stand part of the Bill.
§ Clause 63 ordered to stand part of the Bill.