§ I come now to a subject more readily comprehensible to the lay mind. I propose, in a modest way, to help people who wish to buy their houses. The full rate of Stamp Duty on conveyances of property is £2 per cent. There is at present a sliding scale providing lower rates of duty for conveyances of land and buildings where the consideration is less than £5,000. I propose to improve the scale of graduation and to carry it up to a figure of £6,000. Where the consideration does not exceed £3,500 the conveyance will be entirely exempt.
§ Where the consideration exceeds £3,500 but does not exceed £4,500 the duty will be at 10s. per cent.; where the consideration exceeds £4,500 but does not exceed £5,250 the duty will be at £1 per cent.; where the consideration exceeds £5,250 but does not exceed £6,000 the duty will be at £1 10s. per cent. and thereafter the full £2 per cent. rate will be payable. I estimate the cost of this change, together with two other minor Stamp Duty concessions, at £3¾ million in the first year and £6 million in a full year.