§ Mr. Heddleasked the Chancellor of the Exchequer, pursuant to his reply to the hon. Member for Welwyn and Hatfield (Mr. Murphy) on 23 February, Official Report, c. 298, whether he will ensure that any changes made to arrangements for calculating stamp duty on discounted sales on the consideration rather than on the value will be implemented rapidly under the Provisional Collection of Taxes Act rather than awaiting implementation in a Finance Act.
§ Mr. Peter ReesAs I said in the reply to which my hon. Friend refers, the intention is that the change in the law shall take effect soon after Budget day. Machinery is provided in section 50 of the Finance Act 1973.
§ Mr. Trotterasked the Chancellor of the Exchequer, pursuant to his answer of 3 February, Official Report, c. 258W 78, what is his estimate of the effect on revenue of an increase in the present threshold for payment of stamp duty on house purchase of (a) £18,000 and (b) £13,500.
§ Mr. Peter Rees[pursuant to his reply, 5 March 1981, c. 172]: The threshold applies to more than house purchase conveyances, but, assuming the present rate structure, the introduction of the suggested increases would reduce the revenue from stamp duty on all land and buildings in 1980-81—estimated at £330 million—by (a) £140 million and (b) £120 million.