Giro Scheme (Stamp Doty)

Oral Answers to Questions — Post Office – in the House of Commons at 12:00 am on 18th July 1968.

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Photo of Mr John Smith Mr John Smith , Cities of London and Westminster 12:00 am, 18th July 1968

asked the Postmaster-General what is the estimated cost of collecting and accounting for stamp duty arising from the Post Office Giro scheme.

Photo of Mr John Stonehouse Mr John Stonehouse , Wednesbury

No exact figure could be given; in practice, this work will be a small part of the duties of the staff employed on Giro.

Photo of Mr John Smith Mr John Smith , Cities of London and Westminster

In view of the difficulties which the Giro scheme has had with stamp duty, will the right hon. Gentleman join me in urging the Chancellor of the Exchequer to abolish this antiquated and wasteful tax?

Photo of Mr John Stonehouse Mr John Stonehouse , Wednesbury

I think that the staff running the Giro scheme will be well able to cope with it, but I shall see that my right hon. Friend the Chancellor has his attention drawn to the point which the hon. Gentleman makes.

Photo of Mr Charles Fletcher-Cooke Mr Charles Fletcher-Cooke , Darwen

Are we to understand that this tax, which was invented in the reign of William and Mary, is now to be extended in principle where there is no document to be stamped, which hitherto has been an essential feature of the stamp and the duty?

Photo of Mr John Stonehouse Mr John Stonehouse , Wednesbury

I am sure that my right hon. Friend, who is well aware of all the historical considerations regarding this matter, will take account of the point which has been raised. It is a point for my right hon. Friend to consider, and I shall pass it to him for his attention.