Amendment made: No. 70, in page 100, line 31, leave out 'taxation'and insert 'stamp duty and stamp duty reserve tax'.—[Mr. Arbuthnot.]
(a) it is stamped with the duty to which it would be liable, apart from that sub-paragraph; or(b) it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with that duty or that it is duly stamped.
Orders of the Day — 44. Stamp Duty and Stamp Duty Reserve Tax
Stamp Duty and Stamp Duty Reserve Tax
Stamp duty and stamp duty reserve tax
(13) Nothing in section 70(9) or 97(1) above has effect to prevent a charge to stamp duty or stamp duty reserve tax arising— (a) on a transfer to which subsection (5) above applies, or(b) on a deemed transfer under subsection (11) above.".—[Mr. Jamieson.]
Stamp Duty and Stamp Duty Reserve Tax: Transfers Between Depositary Receipt Systems and Clearance Systems
.--(1) A transfer effected by virtue of section 84 or 86 is not to give rise to liability to stamp duty. (2) Stamp duty is not to be chargeable on a scheme made under section 85, 87 or (Transfers: Wales).") 123 After Clause 87, insert the following new clause--
No. 127, in page 571, line 23, column 3, at end insert— 'Section (Stamp duty and stamp duty reserve tax: transfers between depositary receipt systems and clearance systems).'.
Lord McIntosh of Haringey: The stamp duty revenue receipts for land and property for the requested years are given in table 15.1 of Inland Revenue Statistics 2000. The estimated component of the receipts attributable to residential transactions is given in table 15.2. The estimated stamp duty receipts component for commercial transactions is the difference between these two amounts.
Mr Howard Flight: To ask the Chancellor of the Exchequer what the cost was of administering and collecting (a) stamp duty on shares, (b) stamp duty on property and (c) inheritance tax in the last financial year.
Ruth Kelly: There is no convincing evidence that stamp duty on shares harms the competitiveness of the UK financial services industry. Stamp duty applies to shares in UK companies wherever they are traded so there is no discrimination between London markets and foreign markets.
Mr Paul Boateng: The stamp duty exemption will have no direct impact on VAT receipts. Any VAT due on the sale of a property is charged before stamp duty is calculated.
Mark Hoban: To ask the Chancellor of the Exchequer, pursuant to his answer of 28 February 2002, Official Report, column 815, on stamp duty, what the value was of property transactions of less than £150,000 in the three months immediately prior to the introduction of the stamp duty exemption in the 2,000 most deprived wards.
Ruth Kelly: UK stamp duty rates on property compare favourably with other EU countries. We regularly review the impact of stamp duty on all aspects of the commercial property market.
Austin Mitchell: To ask the Chancellor of the Exchequer whether any of the Customs and Excise and Inland Revenue buildings sold to Mapeley or Mapeley Steps were liable for stamp duty; whether stamp duty was paid; and on how many of the buildings.
Ruth Kelly: Stamp Duty revenues for each financial year since 1997–98 are given as follows: # million Year Stamp duty revenue 1997–98 3455.2 1998–99 4623.4 1999–2000 6897.8 2000–01 8164.6 2001–02 7103.5
Ruth Kelly: There is no convincing evidence that stamp duty on shares significantly affects either UK companies or the UK markets. As with all taxes, stamp duty on shares has to be understood in the context of the revenue raised, which would otherwise have to be found elsewhere.
Mr John Burnett: ...in maintenance trusts. When there is an appointment or, for example, a surrender of a life interest for no consideration, I am sure he will agree that, under the present regime as under the past stamp duty regime, no stamp duty will be payable.
George Osborne: The Chief Secretary persists in calling this new tax a stamp duty. Will he confirm that there is no stamp involved, and no duty?