§ Mr. Loveridgeasked the Chancellor of the Exchequer if first-time buyers only, on the basis of building society figures for first-time purchasers, were exempt from stamp duty on their homes up to a limit of £25,000, without otherwise altering the existing scale, what would be the loss to the Exchequer in a full year.
§ 24 Mr. Peter Rees,pursuant to his reply [Official Report,July 1979],gave the following answer:
No precise calculation is possible but it is estimated that the cost would be of the order of £20 million in a full year at 1979–80 prices.