The Debate Goes On

HAVING COMPLETED ITS time in Standing Committee the Finance Bill returned to the House of Commons for further consideration. Ruth Kelly initiated proceedings by introducing new clause 20: stamp duty and stamp duty reserve tax: power to extend exceptions relating to recognised exchanges. New Schedule 1 which relates to contracts chargeable as conveyances was discussed at the same time. Ms Kelly said that the new clause would extend the exemption from stamp duty and stamp duty reserve tax for recognised intermediaries and for stock lending while the Schedule would ensure that subsale relief applied to contracts brought into charge under clause 114.

These were all welcomed and added to the Bill.

Drama

Next Dawn Primarolo tabled new clauses 21 and 22 reported in Update Taxation 4 July 2002 page 371 relating to film relief.

While the restrictions...