Finance Bill – in the House of Commons at on 12 July 1922.
The Stamp Duty chargeable by way of composition for Stamp Duty under Section one hundred and fourteen of the Stamp Act, 1891, as extended or amended by Section thirty-nine of the Finance Act, 1894, Section five of the Finance Act, 1898, and Section thirty-seven of the Finance Act, 1920, shall, in the cases hereinafter mentioned, be reduced so as to be—
I beg to move, "That the Clause be read a Second time."
This was a question which was raised by the High Commissioner for the Commonwealth It was pointed out that in connection with loans for a short period the Stamp Duty was unduly heavy. The Stamp Duty began previously at the rate of 25s. for loans for anything up to 60 years. What we propose in this Clause is to make a graduated Stamp Duty, so that you begin at 10s. for shorter periods, rising gradually to the higher figures which were previously imposed upon the longer-dated loans. It is a matter of expediency, in which we were very glad to meet the desires of the Australian Commonwealth, who are finding it necessary, like other people, to issue short-dated loans at the present time. I hope the House will readily agree to adopt this new Clause.
I merely rise to ask whether this Clause will only operate so far as loans for Overeass Dominions are concerned, or will cover a much wider range than the right hon. Gentleman forecasted?
It applies to the Colonial loans, which were included in the previous Statute.