HC Deb 15 December 1936 vol 318 cc2292-3W

asked the Chancellor of the Exchequer whether he will state the cost to the Exchequer in issuing transfer deeds free to the public from 1st April to 30th September, 1936, and of the concession to stock exchange firms under Section 42 of the Finance Act, 1920, and the amendment of 1931 for the same period; the extent to which each stock exchange has taken advantage of that privilege; the aggregate totals involved; whether he will consider reviewing the concession with a view to ultimate withdrawal, having regard to the fact that, as stated by him on 18th May, 1936, the difference between the duty, if exigible at £1 per cent. and that exigible and paid under Section 42 from 1st September, 1920, to 31st March, 1936, amounted to £7,403,833; and whether any concession was granted to stock exchange dealers prior to the raising of the ad valorem stamp duty on transfer deeds from 10s. to £1 per cent.?

Exchange. Duty, if exigible, at £1 per cent. Exigible and paid under Section 42. Difference.
£ £ £
London Stock Exchange 495,626 83,173 412,453
Birmingham Stock Exchange 1,045 298 747
Bristol Stock Exchange 1,576 743 833
Halifax Stock Exchange 89 19 70
Huddersfield Stock Exchange 180 25 155
Leeds Stock Exchange 174 86 88
Liverpool Stock Exchange 236 122 114
Manchester Stock Exchange 637 236 401
Mincing Lane Exchange 96 96
Nottingham Stock Exchange 248 48 200
Sheffield Stock Exchange 6,229 1,074 5,155
Provincial Brokers Stock Exchange 2,091 456 1,635
(a) Total for period lst April, 1936, to 30th September, 1936. 508,227 86,376 421,851
(b) Total from 1st September, 1920, to 30th September, 1936. 9,605,092 1,779,408 7,825,684

As I pointed out in reply to a similar question on the 18th May last, the arrangement embodied in Section 42 of the Act of 1920 was part of a scheme to obtain greater revenue from Stamp Duties, and it is misleading to speak of the cost of the concession in the sense in which my hon. Friend uses the term. I do not propose to review the present arrangement. The answer to the last part of the question is in the negative.