Clauses 37 (Abolition of stamp duty on copies and extracts of probate, letters of administration, and confirmation), and 38 (Exemption from stamp duty on receipts) ordered to stand part of the Bill.
Sir Alfred Beit: 40. asked the Chancellor of the Exchequer whether, in view of the decline in the yield of the stamp duties, he will now consider amending the Medicine Stamp Acts with the object of rendering all medicines protected by registered names or trade marks liable to duty, even if they be of a known, admitted, or proved nature?
Captain Sir George Elliston: asked the Chancellor of the Exchequer whether, in view of the apparent impracticability of the recommendations of the Select Committee on Medicine Stamp Duties, he will invite the interests primarily concerned to cooperate in the preparation of a scheme for restoring or expanding the revenue from Medicine Stamp Duties?
Lieut-Colonel Sir Gilbert Acland-Troyte: asked the Chancellor of the Exchequer whether he is aware that heavy fees and stamp duties are payable to public funds on the conferment of honours and dignities of the Crown; and whether he will consider the desirability of abolishing these fees and stamp duties?
I am also giving a small Stamp Duty exemption for documents used by National Savings Groups, and relief will be given from the full rate of Conveyance Stamp Duty in respect of transfers of certain stocks to be issued by local authorities. This should help those local authorities who wish to borrow on the market.
Mr. H. Wilson: asked the Chancellor of the Exchequer whether he is aware of new methods of avoiding stamp duties; and whether he will take the opportunity of the forthcoming Finance Bill to amend the Inland Revenue Regulations Act, 1890, so as to make stamp duties exigible.
Mr Peter Thorneycroft: They are exempt from cheque stamp duty and in some cases, notably for payments to pensioners, from receipt stamp duty where they embody a form of receipt. I am circulating in the OFFICIAL REPORT extracts from a circular I have issued on this subject to Departments.
Mr. Amory: My Budget estimate that stamp duties as a whole would yield £68 million, included an estimate of £35 million for the yield of stamp duties on share transfers. It is clear that this estimate will be exceeded, but I am not in a position to say by how much.
Mr Samuel Silverman: Does the hon. Gentleman realise that there is a considerable anomaly in relieving conveyances below this value from Stamp Duty in order to encourage house ownership by not very wealthy individuals and then charging a Stamp Duty when they raise the capital to enable them to make the purchase?
(1) No stamp duty shall be chargeable under the heading "Receipt" (which as amended by section 34 of the Finance Act 1920 imposed a duty of twopence upon a receipt for £2 or upwards) in Schedule 1 to the Stamp Act 1891.
Motion made, and Question,That in the enactments relating to stamp duties having effect in Northern Ireland there may be made amendments corresponding to amendments made by any Finance Bill of the present Session in any enactment relating to stamp duties having effect in Great Britain.—[Mr. Healey.]
Mr Toby Jessel: asked the Chancellor of the Exchequer what action he proposes to take to ensure that charities which paid stamp duty between 26th March and 31st July 1974 are in no worse position than those which are liable to stamp duty thereafter.
Hon. Tim Sainsbury: We are all unpleasantly aware of the costs of moving. We hope that stamp duty will be avoided at that level. It depends upon the level of the exchange. Most of the people benefiting from the proposals in the Bill would be free of stamp duty.
No stamp duty shall be chargeable on any transfer of any unit in an authorised unit trust to which section 59 of this Act applies and under the terms of which the funds of the trust cannot be invested in any investment on the transfer of which ad valorem stamp duty would be chargeable.—[Mr Heddle.]
I intend to include one stamp duty provision in the Finance Bill which will help those buying council houses. This will ensure that stamp duty will be payable only on the discounted price that the buyer actually pays and not on some higher figure.
Mr John Wakeham: I shall get my hon. Friend's message across. It has not been the practice to increase the stamp duty threshold each year. House prices have not increased very significantly over the past year. It should be borne in mind that two-thirds of house purchasers do not pay stamp duty.
Mr John Heddle: Is not my hon. Friend undertaking a review of stamp duty, and is not a consultative document out at present? Does he agree that if new house transactions were relieved of stamp duty this would stimulate the construction industry and help first-time buyers?
Resolved,That charges to income tax, corporation tax, capital gains tax, inheritance tax, stamp duty and stamp duty reserve tax may be imposed by provisions relating to unit trust schemes or to other collective investment schemes.—[Mr. Lawson.]
Mr Ian Stewart: Clause 138 and the following seven clauses make minor and technical adjustments to the stamp duty and stamp duty reserve tax provisions, including adjustments that are necessary to accord with definitions in the Financial Services Act 1986.
Mr Tim Smith: Has my right hon. Friend noticed that, since the rate of stamp duty was substantially cut, the yield from stamp duty from stock exchange transactions has risen? Does he think that there is any connection between those two things and, if so, what lessons should we draw?