Ivor Callely
Question:161 Mr. Callely asked the Minister for Finance if his attention has been drawn to the concern regarding the level of stamp duty on second hand houses; and if he will make a statement on the matter. [19783/97]
Written Answers. - Stamp Duty.
Stamp duty on property has an important role to play in shifting some of the burden of taxation on wage and salary income to property. The stamp duty yield from the transfer of real property, including second hand houses, for 1996 was £194 million. If the present level of stamp duty on second hand residential property was reduced there would be a significant on-going cost to the Exchequer. It seems likely that any such reduction would benefit sellers most and would become built into the level of house prices generally. Apart from reducing Exchequer revenue, with no apparent benefit to the purchaser, such action could therefore further accelerate an already over-heated property market.