Ruth Kelly: New clause 20, amendments Nos. 19 to 24 and new schedule 1 all extend existing stamp duty exemptions and reliefs. New clause 20 extends the exemption from stamp duty and stamp duty reserve tax for recognised intermediaries and for stock lending while the amendments and the new schedule ensure that subsale relief applies to contracts brought into charge under clause 114. At present, the stamp...
...Finance Bill, it is expedient to authorise the deduction of sums from the gross revenues of the department of the Commissioners of Inland Revenue for the purpose of making payments in respect of stamp duty paid on instruments— (a) executed in the period beginning with 22nd March 2000 and ending with the day on which the Finance Bill is passed, and(b) stamped on or before the day on...
Nick Gibb: ...Friend is right. It applies to all assets of a business, including intellectual property. It can also apply to one's debtors. If a company has any assets transferred by document—cash, even—the stamp duty is applied to the value of those assets As my right hon. Friend the Member for Wells (Mr. Heathcoat-Amory) said, a large company that takes legal advice from leading solicitors and...
...18 to the Finance Act 1980 (demergers) for sub-paragraph (1) there shall be substituted— (1) If a document executed solely for the purpose of effecting an exempt distribution is chargeable with stamp duty under the heading 'Conveyance or Transfer on Sale' in Schedule 1 to the Stamp Act 1891, the rate at which the duty is charged under that heading shall be the rate of 50p for every £100...
Lord Oakeshott of Seagrove Bay: asked Her Majesty's Government: Why the rates of stamp duty on the purchase of residential and commercial property are identical; and Whether the same economic and fiscal arguments apply to changes in the rate of stamp duty on residential property, particularly houses costing over £500,000, as on commercial property; and What practical difficulties of duty assessment or collection would...
Ruth Kelly: Clause 113 is another element of our anti-avoidance package. It aims to discourage companies from deliberately not completing large deals in land and buildings to avoid paying stamp duty. Property transactions have two stages—contract followed by completion—and stamp duty normally applies on completion. Companies have been using contracts, which they believe are not stampable under...
Justine Greening: To ask the Chancellor of the Exchequer (1) how many homes have attracted the zero rate of stamp duty on zero carbon homes in each month since October 2007, broken down by stamp duty band; (2) how much stamp duty relief has been claimed since October 2007 in relation to zero carbon home purchases.
Eric Pickles: To ask the Chancellor of the Exchequer pursuant to the answer of 14 May 2008, Official Report, columns 1625-6W, on stamp duties, (1) whether an energy performance certificate can be used to indicate compliance with zero-carbon status for stamp duty purposes; (2) how many dwellings have been subject to stamp duty tax relief on zero carbon homes.
Ivan Lewis: Estimated and projected revenues for total stamp taxes in 2005–06 and 2006–07 are published in Table B14 of the pre-Budget 2006 report. The component of the duty attributable to land and property (Stamp Duty Land Tax) is given in the following table: £ billion Stamp duty land tax 2005–06 7.0 2006–07 7.8
Ivan Lewis: In 2004–05 the Inland Revenue issued 82,302 penalty notices for late filed stamp duty land tax (SDLT) and stamp duty cases. The Inland Revenue did not record how many of those notices were for transactions where the SDLT or stamp duty payable was nil.
Edward Balls: Forecasts of yield are made at Budget time on a fiscal year basis. The forecast is published in table C8 which aggregates stamp duty on property with that on shares. A retrospective analysis of yield from residential and commercial stamp duty land tax (stamp duty on property) is published in the autumn.
Edward Balls: The estimated amount of stamp duty land tax for 2005-06 arising from residential transactions, by stamp duty land tax band, is given at: http://www.hmrc.gov.uk/stats/stamp_duty/table15-3.xls Estimates of stamp duty land tax for 2006-07, arising from residential transactions, will be published next September.
Edward Balls: The average stamp duty land tax paid on right to buy transactions in 2005-06 was estimated at £200. The average includes transactions which paid no stamp duty land tax either because the price of the property was below the stamp duty land tax threshold, or because of disadvantaged area relief.
Adam Price: To ask the Chancellor of the Exchequer what exemptions there are to stamp duty on new houses in Wales; what the cut-off threshold is on stamp duty in Wales; what plans he has for changes in the stamp duty system in Wales; and if he will make a statement.
Bridget Prentice: Her Majesty's Land Registry does not collate data relating to stamp duty land tax including number of new zero carbon homes that will qualify for a stamp duty land tax relief, because this data will be collated by Her Majesty's Revenue and Customs who are responsible for administering stamp duty land tax.
Mr Howard Flight: To ask the Chancellor of the Exchequer (1) how many applications have been received for relief from stamp duty on houses worth less than #150,000; (2) what he estimates the total amounts of stamp duty is that purchasers have saved from the abolition of stamp duty on houses worth less than #150,000.
Ruth Kelly: Estimates of the revenue from stamp duty on residential property in 1996–97, 2001–02 and 2002–03 are given at http://www.inlandrevenue.gov.uk/stats/stamp duty/03IRl52.pdf. Estimates of the revenue from stamp duty on residential property for 2003–04 will be published later in the year. Projections for 2004–05 are not available.
(2) An instrument in respect of which stamp duty is not chargeable by virtue only of paragraph (1) of this Resolution shall not be treated as duty stamped unless it is stamped in accordance with section 12 of the Stamp Act 1891 with a stamp denoting that it is not chargeable with any duty.
Mr. Alexander: I have one question about the yield of the Stamp Duties which I wish the Chancellor of the Exchequer would answer. There is no other Clause in the Bill dealing with Stamp Duties. A few weeks ago I gave to the then Chancellor of the Exchequer particulars of an alleged widespread evasion of Stamp Duties in the City—