§ The Chancellor of the Exchequer (Mr. James Callaghan)I have one other anti-avoidance proposal. Last month it was decided by the courts that the Stamp Duty on the transfer of property is avoided if the transfer is made in contemplation of a sale, but before the sale actually takes place. I propose to stop this right away. I shall also deal with another device, which consists of reducing the value of property subject to duty as a voluntary disposition by including a power of revocation which can subsequently be released.
The four proposals I have made begin the process of making the tax system fairer and more bearable to the general body of taxpayers, who feel with some justice that the burden is not equally borne today. Moreover, these changes will bring in a substantial revenue. I expect the figure to be about £35 million in 1966–67 and about £45 million later.