HC Deb 27 March 1956 vol 550 cc172-3W
Mr. Lewis

asked the Chancellor of the Exchequer (1) whether, in his forthcoming Budget, he will consider introducing a system of a 10 per cent. duty on all share transfers, in place of the present 2 per cent., so as to put this form of gambling on the same basis as the present 10 per cent. Pool Betting Duty on greyhound totalisators;

(2) whether, in his forthcoming Budget, he will consider reducing the present 10 per cent. betting duty on greyhound totalisators to 2 per cent., and thus put this form of betting on the same basis as share transfer gambling on the Stock Exchange;

(3) whether he will state for last year, or the most convenient period, how much revenue he has received from the 2 per cent. stamp duty on share transfers; and what this figure would be if it were increased to 10 per cent.

Mr. H. Macmillan

An analysis of the yield of stamp duties in 1954–55 is given in Table 116 of the 98th Report of the Commissioners of Inland Revenue. (Cmd. 9667.) I am not prepared to speculate on the effect of a five-fold increase in the rate of duty on share transfers. With regard to the other points raised, the hon. Member will not expect me to anticipate my Budget. I cannot however accept the implication that transactions on the Stock Exchange, which fulfils a public need by providing an indispensable market for stocks and shares, are comparable with racecourse betting.