Vol. 214 No. 8
asked the Minister for Finance if he will abolish stamp duties on purchases of private houses with a purchase price of £4,000 or less, having regard to the fact that house property values have increased in the past ten years while rates of stamp duty thereon have remained the same, as a consequence of which small house purchasers must pay stamp duties many times greater than the rate at which property values have increased.
35.
asked the Minister for Finance whether he is aware that the high stamp duties payable by purchasers of private dwelling houses for their own occupation impose a very severe hardship on such people in view of the fact that the present rate was fixed in 1954 when the price of houses was far less than today; and, if so, whether he will take the necessary steps to reduce this exorbitant levy.
With the permission of the Ceann Comhairle, I propose to take Questions Nos. 34 and 35 together.
The matter raised is one which would require Finance Bill legislation and the Deputies will appreciate that I cannot indicate in advance what proposals my Budget Statement may or may not contain.
36.
asked the Minister for Finance the annual loss of revenue in the event of stamp duties being abolished on the purchase of private houses with a purchase price under (a) £1,000, (b) £1,500, (c) £2,000, (d) £2,500, (e) £3,000, (f) £3,500 and (g) £4,000.
The annual loss in revenue in the event of stamp duties being abolished on the purchase of private houses in the price ranges quoted by the Deputy is estimated to be—
|
Price under (a) £1,000 |
Cost£5,000 |
|
,,,, (b) £1,500 |
,,£15,000 |
|
,,,, (c) £2,000 |
,,£40,000 |
|
,,,, (d) £2,500 |
,,£95,000 |
|
,,,, (e) £3,000 |
,,£175,000 |
|
,,,, (f) £3,500 |
,,£260,000 |
|
,,,, (g) £4,000 |
,,£335,000 |
In stamp duty law, apart from the special relief afforded in respect of grant-type houses, no distinction is made between sales of land and of houses. Abolition of the duties on sales of houses would, it is considered, have to be extended to sales of lands as well as of houses and the cost to the Exchequer of such a measure would be considerably in excess of the figures I have quoted.
