§ Page 21, line 20, at end insert the following new clause:
§ Exemption from stamp duties.
§ ("Where a protection order is made, or a scheme of arrangement is approved, under this part of this Act—
- (a) every deed, conveyance, assignment or other instrument relating solely to property which was the property of the debtor at the date of the protection order or of the approval of the scheme and which, after the execution of the instrument, is or remains his property or the property of a trustee appointed under the order or for the purposes of the scheme;
- (b) every power of attorney, proxy-paper, writ, order, certificate, affidavit, bond or other instrument required for the purposes of the liabilities adjustment proceedings or the sheme of arrangement;
§ THE LORD CHANCELLOR
My Lords, I now come to a matter of more interest and of more importance, and one, indeed, which may be expected to appeal favourably to everyone, with the possible exception of the Chancellor of the Exchequer. When this Bill was before your Lordships' House on a previous occasion, my noble and learned friend Lord Maugham asked whether it would not be possible to secure that if conveyances, assignments and the like to trustees have to be made in connection with the machinery of this Bill, these instruments could be carried through without imposing the usual stamp duties. It would seem a curious provision that when you are struggling to help a citizen who is in financial stress because of the war you should make arrangements by which very considerable stamp duties might have to be paid on the necessary transfer of his property to trustees. I will not say that the Chancellor of the Exchequer has shown an unexpectedly warm heart in dealing with this matter, but at any rate this is one of the occasions where he has consented to make a concession, and therefore the proposal made by the noble and learned Viscount, Lord Maugham, has been embodied in the new clause which is now proposed. I think that this gives a very great aid to these hard-pressed people which will be very much appreciated outside, and which I do not doubt will be 349 approved by your Lordships' House. I therefore move that this House doth agree with the Commons in this Amendment.
§ Moved, That this House doth agree with the Commons in the said Amendment.—(The Lord Chancellor.)
§ On Question, Motion agreed to.