§ Mr. Murphyasked the Chancellor of the Exchequer if he will give consideration to reviewing the Stamp Duty Act 1891 in order that council house tenants pay only according to the buying price of their property.
§ Mr. Peter ReesI assume that my hon. Friend has in mind sales in which a discount is allowed. As I said in my reply to my hon. Friend the Member for Hemel Hempstead (Mr. Lyell)on27November 1980—[Vol.994,c.247]—my right hon. and learned Friend intends to include a provision in the forthcoming Finance Bill so that those buying public sector dwellings at a discount shall pay stamp duty on the actual—that is, post-discount—price they pay. It remains the intention that this change in the law shall come into effect298W soon after Budget day. Purchases which are already under negotiation will be able to benefit from the relief if completion takes place after the date on which the change in the law is effected.