§ Mr. Newtonasked the Chancellor of the Exchequer when the penultimate change in the limits for the nil rate and reduced rates of stamp duty on house purchase was made; and what the limits then established would now be if since then they had been increased in line with (a) the retail price index, (b) an appropriate house price index, and (c) an appropriate earnings index, respectively.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 9th May 1978; Vol. 949, c. 489], gave the following information:
The scale of rates of stamp duty which has been in operation since May 1974 superseded a scale which took effect on 1st August 1972. The equivalents of the limits marking the nil and reduced rates of duty in that scale, increased on the bases indicated, are:
(a) (b) (c) £ £ £ £ 10,000 22,200 18,300 23,200 15,000 33,300 27,500 34,700 Notes: The limits have been increased in line with:
(a) the increase in the General Index of Retail Prices from August 1972 to March 1978;
(b) the increase in the average price of dwellings from the third quarter of 1972 to the first quarter of 1978 (based on the Building Societies Association/Department of the Environment figures published in Housing and Construction Statistics), and
(c) the increase in the average earnings of all employees from August 1972 to February 1978.
§ Mr. Newtonasked the Chancellor of the Exchequer what he estimates would be the loss of revenue from stamp duty on house purchase if the present limit for the nil rate were raised from £15,000 to £20,000, and relevant transactions up to £25,000 were charged at 5p per £50 up to £21,000, 10p per £50 up to £20,000, 15p per £50 up to £23,000, 20p per £50 up to £24,000, and 25p per £50 up to £25,000; and if he will estimate what the figures would be if such changes were 589W confined to transactions where the purchaser was buying with a view to making the property his only or main residence.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 9th May 1978; Vol. 949, c. 490], gave the following information:
On the assumption that the rates of duty remained otherwise as at present, the loss of stamp duty from transfers of residential property of all kinds would be about £30 million in a full year or about £25 million if the changes were confined to owner-occupied residential property. I regret that separate estimates cannot be made in respect of residential property being bought with a view to its being the purchaser's only or main residence.
§ Mr. Newtonasked the Chancellor of the Exchequer when the last change in the limits for the nil rate and reduced rates of stamp duty on house purchase was made; and what the limits then established would now be if since then they had been increased in line with (a) the retail price index, (b) an appropriate house price index, and (c) an appropriate earnings index, respectively.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 9th May 1978; Vol. 949, c. 490], gave the following information:
The current scale of rates of stamp duty on transfers of residential property took effect from 1st May 1974. The equivalents of the limits marking the various rate bands, increased on the bases indicated, are:
(a) (b) (c) £ £ £ £ 15,000 26,700 20,100 26,600 20,000 35,600 26,800 35,500 25,000 44,600 33,400 44,400 30,000 53,500 40,100 53,300 Notes: The bases of the figures in columns (a), (b) and (c) are respectively:
(a) the increase in the General Index of Retail Prices from May 1974 to March 1978;
(b) the increase in the average price of dwellings from the second quarter of 1974 to the first quarter of 1978 (based 590W on the Building Societies Association/Department of the Environment figures published in Housing and Construction Statistics), and
(c) the increase in the average earnings of all employees from May 1974 to February 1978.