§ Mr. O'SHEEasked the Chancellor of the Exchequer whether, on the sale by public auction for £400 of a small agricultural holding of 20 acres, subject to an advance made under the Land Purchase (Ireland) Acts of which £400 is unredeemed, Stamp Duty is payable on £800; whether, according to the Returns of the Irish Land Commission, the advantage derived by the average tenant purchasing under the Land Act of 1903 is the substitution of an annuity of about £13, terminable in about sixty-eight years, for a yearly rent of about £16; whether on the sale of the holding mentioned the price of £400 obtained therefor is paid for the former tenant right plus the value created by the substitution of the terminable annuity for the 1777W former yearly rent; and whether he will consider the question of altering the existing law which requires the payment of Stamp Duty twice over on the same interest?
§ Mr. LLOYD-GEORGEThe answer to the first part of the question is in the affirmative. The annuity referred to in the second part would be about £11 14s. The answer to the third part is in the affirmative. As regards the fourth part, it is not the case that the existing law requires the payment of Stamp Duty twice over on the same interest. Duty is payable once only, on the full consideration for the conveyance, which by reference to Section 57 of the Stamp Act, 1891, includes the redemption value of the annuity.