§ Mr. Arthur Lewis
asked the Chancellor of the Exchequer when he expects the results of his consultations with the European Economic Community for lowering of the proposed 1 per cent. stamp duty on company capitalisation and the ½ per cent. in the case of mergers to be completed; to what extent the imposition of such a duty will raise the revenue return to the Treasury based on the latest information available; and whether the House of Commons will be able to amend or change any agreement arrived at with the European Economic Community.
§ Mr. Nott
It is not possible to forecast when the consultations will be completed. The proposal in question will not impose 71W the capital duty, but fix common rates from a future date, probably 1st January, 1976; until its final form is known, it is premature to calculate what its effect on the revenue will be. We shall observe the terms of Article 189 of the EEC Treaty in relation to the directive when finally settled.