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Bonus Issues Duty

Volume 463: debated on Wednesday 6 April 1949

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I propose also to repeal the duty on bonus issues of securities, which was imposed by my predecessor in 1947. That duty has, I think, performed the task of controlling bonus issues when the ban was first relaxed, for which purpose it was very properly imposed, and it can now advantageously be discontinued. In future, such issues will be controlled in the same way as any other form of capital issue. The abolition will cost £1,000,000 this year, and will apply to issues made after today.