HC Deb 04 November 1909 vol 12 cc2132-3W
Mr. PIKE PEASE

asked the Chancellor of the Exchequer if he can state the estimated weekly loss of revenue in the present year by the delay in passing the Finance Bill, and the amount represented by new taxation coming into force only on the passing of the Act?

Mr. HOBHOUSE

The only duties directly affected by the date of passing of the Finance Bill are the additional Stamp Duties, Increment Value Duty, and Reversion Duty, which under the provisions of the Bill become operative only as from that date. The loss owing to delay is, in respect of the Stamp Duties, about £30,000 per week, and in respect of Increment Value Duty probably about £1,000. Under Reversion Duty the loss will, provided the Bill receives the Royal Assent before 25th December, be insignificant. Besides this direct loss, the revenue of the current year will suffer to some extent through the delay in collecting Liquor Licence Duties, Super-tax, Undeveloped Land Duty, etc., owing to the late date at which the administrative provisions necessary for the assessment and collection of these taxes will come into effective operation. The result of this delay will be to bring into next year's accounts a certain amount of revenue which properly belongs to the current year. The total estimated yield of the taxes which come into operation as from the date of passing of the Bill is, upon the assumption that the Royal Assent is given by the end of the present month:—

Increased Stamp Duties £450,000
Increment Value Duty 20,000
Reversion Duty 90,000

The other duties which are not at present being collected, but which come into operation from fixed dates not dependent on the actual date of passing of the Bill are:—

Increased Motor Car Licence Duties £260,000
Liquor Licence Duties 2,100,000
Super-tax 500,000
Undeveloped Land Duty 140,000
Mineral Rights Duty 350,000