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Mr. Austin Mitchell
To ask the Chancellor of the Exchequer if in the light of proposals to introduce value added tax on new construction, he will make it his policy to cancel the stamp duty chargeable on new assets.
Mr. Norman Lamont
No. Stamp duty is not charged on the construction of a new building. It is charged on transfers of land and buildings, whether new or used, and regardless of the use to which the property will be put. I have no plans to make stamp duty dependent on whether or not value-added tax is charged.
| Range of total income | Number of mortgagors | Mortgagors as a percentage of all tax units in each income range | Owner-occupiers not1 receiving mortgage interest relief as a percentage of all tax units in each income range | Average value of2 relief per mortgagor |
| thousands | per cent. | per cent. | £ | |
| Up to £5,000 | 720 | 5 | 38 | 370 |
| £5,000 to £10,000 | 1,620 | 21 | 42 | 460 |
| £10,000 to £15,000 | 2,500 | 50 | 25 | 550 |
| £15,000 to £25,000 | 2,630 | 67 | 18 | 580 |
| Over £25,000 | 930 | 72 | 18 | 1,010 |
| Total | 8,400 | 26 | 34 | 580 |
| 1 Assuming that all mortgagors are owner occupiers and receive mortgage interest relief. | ||||
| 2 Estimates of the median are not available. | ||||