To ask the Chancellor of the Exchequer when stamp duty on share transactions was reduced from (a) 2 per cent.and (b) 1 per cent. [103626]

The rate of stamp duty on share transactions was reduced from 2 per cent. to 1 per cent. in 1984. At that time the scope of stamp duty was widened to include bearer instruments.In 1986 the rate was further reduced to 0.5 per cent. which is when Stamp Duty Reserve Tax was enacted. The Finance Act 1986 also introduced a 1.5 per cent. charge for shares entering a clearance service or depository bank.

To ask the Chancellor of the Exchequer when the financial secretary to the Treasury will reply to the letter of the honourable Member for Taunton which referred to her comments on reduction of stamp duty on share transactions, Official Report, 23 January, column 425. [103627]

I have already done so.