RESEARCH from the Halifax, based on official figures, shows that tax revenue raised from both stamp duty on residential property and inheritance tax attributable to housing wealth is estimated to have risen almost five-fold from £735 million in 1992/93 to £3,638 million in 2001/02.

Halifax calculates that the stamp duty threshold (currently £60,000) would be raised to £118,500 if it were increased in line with the rise in house prices since March, 1993 - the last time that the threshold was increased. The inheritance tax threshold would be raised to £296,300, some £46,300 higher than its current level (£250,000).

Martin Ellis, chief economist, said: “There is a growing number of homeowners who are facing a rise in their tax liabilities as the government continues to decline to index property-related thresholds in line w¼th house prices. We are pleased that residential properties will be included in this consultation exercise.''

• The average UK first-time buyer in the third quarter of 2002 paid £97,207 to buy a home compared to £45,249 in 1993. Based on the current stamp duty regime, the typical first-time buyer now has to pay £972. In 1993, the typical first-time buyer paid no stamp duty because the average price was well below the £60,000 threshold.

• In 2001, two-thirds (66 per cent) of all buyers were liable for stamp duty compared with just over one-third (36 per cent) in 1993.

• More than 1.5 million homeowners in the UK could now face paying inheritance tax because their property is worth more than the £250,000 threshold.