Clause 29. — (Stamping of Foreign Bills of Exchange.)

Part of Orders of the Day — FINANCE (No. 2) BILL – in the House of Commons at 12:00 am on 12th June 1967.

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Photo of Mr John Smith Mr John Smith , Cities of London and Westminster 12:00 am, 12th June 1967

The Clause deals with bills of exchange drawn outside the United Kingdom and this Clause—even if not some of the others that we have been discussing are not—really is de minimis. We are dealing with a tax of 2d. If a bill of exchange drawn abroad does not have a stamp on it, one sticks on a 2d stamp. The revenue from the tax on these bills and on inland bills and promissory notes all rolled up together amounts to only £540,000 a year. Of course, bills drawn abroad are immensely fewer and of much less value in total than inland bills and promissory notes together, and I feel that the yield from this tax must, therefore, be trifling.