§ Mr. Maurice Macmillanasked the Chancellor of the Exchequer what was the yield from stamp duty, for each of the types of transactions on which this 136W duty is levied, and in total, for the financial years 1959–60, 1960–61, 1961–62; and what was the effect of alterations in the rate of duty made in these years.
§ Mr. BarberA full analysis of the net receipt of stamp duties for 1959– and 1960–61 is given in the 103rd and 104th Reports of the Commissioners of Inland Revenue (Cmnd. 1258, Table 124, and Cmnd. 1598, Table 131). Detailed figures for 1961–62 are not yet available.
There were only two significant alterations in the rates of duty in these years. In 1959 the ad valorem duty on policies of sea insurance was replaced by a fixed duty of 6d.: this change reduced the yield by about £2 million in 1959–60 and £3 million in 1960–61. In 1961 the ad valorem duties on bills of exchange and promissory notes were replaced by a fixed duty of 2d.: it was estimated that this change would reduce the yield by £1 million in 1961–62 and £1½ million in a full year, but the actual figure for 1961–62 is not yet available.