BUDGET FIGHT.

Dominion, Volume 2, Issue 567, 23 July 1909, Page 5

BUDGET FIGHT.

THE REVERSION DUTY ON LEASEHOLDS.

' MINORITY'S GRIEVANCE.

LAWMAKING BY MEANS OF RELAYS Uiy Teießrapii.-I'roaa' ABsoclatlon.-OopyrlEhl.l London, July 21.

In committee on the Finance Bill, the Houso of Commons—which, ,at Tuesday's sitting, passed Clause 7, providing for a reversion duty of one-tenth on leaseholdshad a long and acrimonious discussion on Clause 8, which deals with exemptions from the roversion duty. Tho Houso sat till 7 o'clock this morning. | Mr. Balfour, Leader of tho Opposition, declared that tho conditions undor which tho I business of the Houso was conducted were I scandalous and monstrous. Tho members of tho Opposition were obliged to sit night i after night, whde squads of Ministerialists were resting. Clauso 8 was passed, also Clause 9, which deals with the recovery of tho duty and penalties. [The exemptions in Clause 8 cover the following!— The reversion duty is not to be charged i on reversions of leases purchased beforo April 30, 1909, and falling in within 30 years of this date. ' Tho reversion duty will not bo charged i on tho termination of a lease not exceeding 21 j ears, or where the interest of the lessorexpectant does not exceed that period. Where a lease is renewed beforo the lease terminates, the new lease extending at least 21 years beyond'the. date of the original lease, i an allowance of reversion duty will be made equal to 2J per cent, for each year unexpired, providing suoh allowance does not exceed 50 per contT] EFFECT. ON TOBACCO TRADE. London, July 21. The clearances of tobacco for Hoino consumption during May and June declined 15 1-6 per cent, owing to tho additional taxation imposed by tho Budget. TO EXTEND CLOSURE POWERS. BILL MAY LAST TILL CHRISTMAS. (Rec. July 22, 11 p.m.) London, July 22. Mr. Asquith has 1 given notice of a motion giving the Deputy-Chairman of Ways and Means power te, accept a motion to apply 'the closure. The,object of the motion is to quicken tho progress of the Finance Bill through committee. "The Times" states that the Government rocognisos that if tho discussion continues undor present conditions there will bo an impasse, as the debates of the Bill will continue till Christmas. This would greatly delay tho consideration of next session's legislation. . '