§ The Earl of Kimberleyasked Her Majesty's Government:
Whether, bearing in mind that the yield from stamp duty on the transfer of stocks and shares for the year ending 1st April 1983 is expected to be about £300 million, they will consider instituting a totally independent inquiry, outside the Inland Revenue's jurisdiction, to estimate exactly the probable increase in turnover on the Stock Exchange, and consequential revenue in tax, that would accrue if stamp duty were to be abolished.
§ Lord CockfieldEstimating the effect of stamp duty on turnover on the Stock Exchange is a difficult technical exercise and we doubt the value of a special inquiry. The Government, however, are prepared to consider any estimates made by independent economists.