§ Mr. Stratton Mills
asked the Chancellor of the Exchequer whether he is aware that the instrument securing loan stock in an unquoted company is exempt from Stamp Duty, but when a company is quoted on a stock exchange the rate becomes 2s. 6d. per £100; and if he will make arrangements for Stamp Duty to be payable when a private company acquires a stock exchange quotation and wishes the loan stock to be negotiable.
§ Mr. MacDermot
Loan capital duty is not chargeable in the case of a private company where the loan stock cannot be dealt in on a stock exchange in the United Kingdom, but I am advised that documents securing loan stock are liable to Stamp Duty under other heads in the Stamp Act. The suggestion put forward in the last part of the hon. Gentleman's Question would require legislation.