Ruth Kelly: Stamp duty on house purchases will be replaced by stamp duty land tax from 1 December, but the rates for residential property purchases will be the same. Changes to the tax system are announced by the Chancellor as part of the Budget process.
Mark Prisk: To ask the Chancellor of the Exchequer pursuant to his answer of 3 November 2003, Official Report, columns 455–56W, on stamp duty land tax, if he will publish his assessment of the impact of stamp duty land tax on the retail sector.
Dawn Primarolo: I do not accept that. In the commercial sector 60 per cent. of all leases will be exempt from stamp duty land tax. That compares with only 9 per cent. of leases that were exempt under the previous stamp duty regime.
Ruth Kelly: Approximately 60 per cent., of new commercial leases will pay no stamp duty land tax on the rental element. This compares with only 9 per cent. of leases that were exempt as regards the rental element under the previous stamp duty regime.
Nigel Evans: To ask the Chancellor of the Exchequer how much money he estimates would be lost in revenue if (a) the 1 per cent. level of stamp duty for properties between £60,001 and £250,000 and (b) the 3 per cent. level of stamp duty for properties between £250,001 and £500,000 was removed. [R]
Ruth Kelly: Stamp Duty receipt amounts for the years from 1997–98 to 2002–03 are published on the Inland Revenue website at http://www.inlandrevenue.gov.uk/stats/stamp duty/03IR151.pdf.
Ruth Kelly: The Inland Revenue has received many representations on several aspects of stamp duty land tax, including some from Scottish solicitors. In addition Inland Revenue officials are in regular discussion with the Law Society of Scotland on all aspects of stamp duty land tax.
Harry Cohen: To ask the Chancellor of the Exchequer what plans he has (a) to raise the level for which stamp duty is not payable on domestic property transactions in deprived wards and (b) increase the number of wards which can have stamp duty exemption under his scheme; and if he will make a statement.
Schedule 37 — Stamp duty land tax and stamp duty
Lord McIntosh of Haringey: An estimated £800 million stamp duty would have been due in 2003–04 if Contracts for Difference had been within the scope of stamp duty and liable at the same rate as shares. This estimate does not include any allowance for behavioural changes, which could significantly reduce the yield.
Ms Sue Doughty: To ask the Chancellor of the Exchequer how many residential properties sold in England and Wales during 2003 attracted stamp duty at (a) 0 per cent., (b) 1 per cent., (c) 3 per cent. and (d) 4 per cent.; and what the average price paid for a house during 2003 was in each of those stamp duty bands.
Stephen Timms: Stamp duty land tax, which replaced stamp duty on 1 December 2003 for land transaction, is charged on the selling price net of discount.
Vincent Cable: To ask the Chancellor of the Exchequer if he will estimate the reduction in stamp duty yield from residential property which would result from raising the threshold at which 1 per cent. stamp duty starts from £60,000 to £150,000.
Don Touhig: Three hundred and sixty-three wards in Wales benefit from the Government's stamp duty exemption scheme. In those areas, stamp duty is not payable on properties worth less than £150,000, helping to make housing more affordable in the poorer parts of Wales.
47. Stamp Duty Land Tax and Stamp Duty (Thresholds)
48. Stamp Duty Land Tax and Stamp Duty (Removal of Disadvantaged Areas Relief)
49. Stamp Duty and Stamp Duty Reserve Tax (Intermediaries)
54. Ses (Stamp Duty and Stamp Duty Reserve Tax)
Vincent Cable: To ask the Chancellor of the Exchequer if he will estimate the reduction in stamp duty yield from residential property which would result from raising the threshold at which one per cent. stamp duty starts from £120,000 to £150,000.
Stephen Timms: The number of residential property purchases that were charged stamp duty in England and Wales from 1994–95 to 2003–04 is estimated in the following table. Estimated number of residential property transactions charged stamp duty Thousand 1994–05 445 1995–06 374 1996–97 482 1997–98 570 1998–99 589 1999–2000 773 2000–01 748 2001–02 866 ...