HC Deb 22 December 1982 vol 34 cc578-9W
Mr. Chapman

asked the Chancellor of the Exchequer what the estimated cost to the Exchequer in 1983–84 would be if the stamp duty on the purchase of all dwellings were (a)abolished and (b)only became liable on transactions at 1/2 per cent. at £100,000, 1 per cent. at £110,000, 11/2 per cent. at £120,000 and 2 per cent. from £130,000.

Mr. Wakeham

[pursuant to his reply, 20 December 1982, c. 314]: The scale of stamp duty applying to the purchase of dwelling applies to all transfers other than those of stocks and shares. The yield in 1982–83 from these transfers is expected to be £410 million, of which about two-thirds is estimated to be from transfers of residential property. The cost in 1982–83 of applying to all transfers the scale suggested (b) would be about £315 million. Estimates for 1983–84 are not available.

Mr. Richard Wainwright

asked the Chancellor of the Exchequer what flat rate of ad valorem stamp duty on conveyances of residential property, exigible on the excess of the consideration over £25,000, would be revenue-neutral in comparison with the present system.

Mr. Wakeham

[pursuant to his reply, 20 December 1982, c. 314]: The stamp duty scale for conveyances of residential property applies to all transfers other than those of stocks and shares. A flat rate of about 3½ per cent. on all such transfers, exigible on the excess of the consideration over £25,000, would yield approximately the same duty as the present rate scale.