HC Deb 22 May 1980 vol 985 cc701-2
13. Mr. Moate

asked the Chancellor of the Exchequer what is the expected yield from stamp duties on conveying of domestic properties in the current financial year.

Mr. Biffen

The duty from residential property is expected to yield £240 million this year.

Mr. Moate

Can my right hon. Friend offer any defence for the existence of this tax on home ownership? Does he not agree that it should be phased out?

Mr. Biffen

No. I cannot agree that the duty should be phased out, given the Government's necessity for substantial revenues. The yield of this tax of £240 million a year indicates its importance to the revenue.

Sir Ronald Bell

Will my right hon. Friend bear in mind that stamp duty, estate agents' and solicitors' charges, and value added tax, mean that the cost of moving house now must be very substantial?

Mr. Biffen

I note and accept that point.

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