§ Mr. Viggersasked the Chancellor of the Exchequer what loss of stamp duty revenue on house purchase transactions would occur in 1983–84 if (a) the present thresholds were each increased by £5,000 and (b) the present thresholds were each increased by £5,000 and the present system were to be replaced by one in which stamp duty is levied at the appropriate rate only on that part of the house price which exceeds each threshold.
§ Mr. Wakeham[pursuant to his reply, 25 November 1982, c. 541]: The thresholds apply to all transfers other than those of stocks and shares, which are expected to yield £410 million in 1982–83. I regret that estimates for 1983–84 of the effect of such a change are not available, but on this year's figures, the full year cost is estimated to be:
- (a) £60 million.
77 - (b) £240 million.
About 95 per cent. and 90 per cent. respectively of these amounts would be attributable to transfers of residential property.
The figures contain an appropriate adjustment for leases.