§ Mr. Prior
asked the Chancellor of the Exchequer (1) for how long Stamp Duty has been charged on all ship mortgage finance; what is the additional cost of this proposal to the shipping industry; and what representations have been made to him to waive the charge;
(2) whether he is aware of the increasing anxiety caused to industry by the levying of new charges, such as Stamp Duty on all ship mortgages; and what consultations he has held with the shipping industry on this subject.
§ Mr. Harold Lever
As from 1st August, 1967, loan capital duty at the rate of 10s. per £100 is chargeable on loan capital raised by companies unless the loan is repayable within five years or at the creditor's option on not more than twelve months' notice. A mortgage deed in respect of a ship is itself exempt from Stamp Duty. I have received no representations from the shipping industry as to the effect on them of the charge to loan capital duty.