Orders of the Day — Stamp Duty — Bills of Exchange

– in the House of Commons at 12:00 am on 17th April 1961.

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I come now to a proposal concerning Stamp Duty on bills of exchange. With certain exceptions, hills of exchange are at present liable to ad valorem duty. It has been represented to me that the complications in calculating this duty are an obstacle to trade, particularly the export trade. I have come to the conclusion that we ought to get rid of the ad valorem scale. I therefore propose to make bills of exchange subject to a fixed duty of 2d. like cheques. The cost will be about £1 million this year and £1½ million in a full year. I believe that this will be of some benefit, as I have said, to exporters.