§ 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 limits for the nil rate and the reduced rates were each raised by £5,000; how much of this loss would arise from each of the changes taken on its own; and if he will estimate what the figures would be if such changes were 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:
About £35 million in a full year for residential property of all kinds and about £30 million if these changes were confined to owner occupied residential property. I regret that separate estimates cannot be made for property being bought with a view to being the purchaser's only or main residence.
The cost in £ million for each band is shown in the table below—
Band Residential property Owner-occupied residential property £15,001-£20,000 18 15 £20,001-£25,000 8 7 £25,001-£30,000 6 5 Above £30,000 3 3