Dick Spring
Ceist:60 Mr. Spring asked the Minister for Finance the views or proposals, if any, he has in relation to the regime of stamp duty operated in this country. [5572/98]
Written Answers - Stamp Duty.
Stamp duty has an important role to play in shifting some of the burden of taxation on wage and salary income to property. The total yield from all stamp duties in 1997 was over £410 million. The stamp duty yield from the transfer of all land and buildings, including secondhand residential property, for 1997 was £254 million. Any loss in this revenue from stamp duty would have to be compensated for by either additional taxation in other areas or reductions in Government spending.
Any proposed changes to stamp duty on real property, in particular, would need to take full account of any possible impact on rising house prices. The Minister for the Environment and Local Government has commissioned a study of house price rises, so that all available information in relation to house price trends, the factors influencing house prices and the implications of changing house price levels will be analysed. The information will then be available to the Government to further develop housing policy. I would be reluctant to pre-empt the outcome of this study. Consequently, I do not intend to make any changes to the stamp duty regime on real property at this stage.