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New Clause 3

Finance Bill – in a Public Bill Committee at 2:30 pm on 25th June 2009.

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Thresholds for residential property

‘(1) A land transaction is exempt from the charge to stamp duty land tax if—

(a) it is a relevant acquisition of land which consists entirely of residential property,

(b) the relevant chargeable consideration for the transaction is not more than £250,000, and

(c) the purchaser is a first time purchaser.

(2) In paragraph (1)(a) a “relevant acquisition of land” means an acquisition of a major interest in land other than—

(a) the grant of a lease for a term of less than 21 years, or

(b) the assignment of a lease which has less than 21 years to run.

(3) In paragraph (1)(b) the “relevant chargeable consideration for the transaction” means—

(a) the chargeable consideration for the transaction, or

(b) where the transaction is one of a number of linked transactions, the total of the chargeable consideration for all those transactions.

(4) The Treasury shall by regulation define the meaning of “first time purchaser.”’.—(Mr. Gauke.)

Brought up, and read the First time.

Question put, That the clause be read a Second time:—

The Committee divided: Ayes 8, Noes 16.

Division number 3 Nimrod Review — Statement — New Clause 3

Aye: 8 MPs

No: 16 MPs

Ayes: A-Z by last name

Nos: A-Z by last name

Question accordingly negatived.