STAMP DUTIES (Hansard, 27 May 1970)

§ Mr. William Rodgers

I beg to move Amendment No. 20, in page 59, line 14, leave out from " from " to end of line 15, and insert " 1st February, 1971 ".

The purpose of the Amendment is to bring forward from 15th February, 1971 —Decimalisation Day—to 1st February, 1970, the date of the abolition of bill of exchange duty and receipt duty. The main purpose is to help the banks, because they have made representations to us to the effect that abolition on 15th February, as the Bill at present provides, would add to the heavy administrative burdens involved in decimalisation.

The duty brings in about £11 million a year, which is approximately £200,000 a week, which we should be reluctant to lose, but because of this and another Amendment it is likely that the loss of revenue will be counterbalanced. For that reason I hope that the Committee 1896 will feel that the Amendment is acceptable.

§ Mr. William Rodgers

I beg to move Amendment No. 21, in page 59, line 22, at end insert: (3) No application for relief in respect of the duty referred to in sub-paragraph (2)(a) above may be made under any of sections 9 to 12 of the Stamp Duties Management Act 1891 (spoiled, misused and unwanted stamps); and no repayment shall be made under any agreement entered into under section 39 of the Finance Act 1956 (composition for the said duty by bankers) in respect of any form supplied by a banker to a customer and returned to the banker unused or spoiled on or after the said 1st February. The purpose of the Amendment follows from what I have just said. We feel that this is a reasonable Amendment that will, on the whole, be administratively acceptable and, at the same time, preserve the revenue.