HC Deb 22 March 1962 vol 656 c534
2. Mr. Fisher

asked the Chancellor of the Exchequer what would be the approximate cost of abolishing the Stamp Duty on house mortgages up to £2,500.

Mr. Barber

The estimated cost for a full year is nearly £1½ million.

Mr. Fisher

Will my hon. Friend bear in mind that Stamp Duty on house purchase up to £3,500 has been abolished, but those who buy their houses on mortgage are possibly more in need of relief from Stamp Duty than those who can afford to purchase their houses outright? Will he therefore consider the desirability of extending this relief to those most in need of it?

Mr. Barber

Different considerations apply to Stamp Duty in respect of house purchasers and mortgagees, but at this time of the year my hon. Friend will not expect me to say anything more than that we shall take note of what he says.

Mr. H. Hynd

Would it not be much more useful to reduce the rate of interest on mortgages?

Mr. Barber

That is not a matter for my right hon. and learned Friend.