Stamp Duty

Treasury written question – answered on 4th February 2003.

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Photo of Martin Caton Martin Caton Labour, Gower

To ask the Chancellor of the Exchequer when he plans to abolish stamp duty on industrial property.

Photo of Ruth Kelly Ruth Kelly Financial Secretary, HM Treasury

Ministers have made a clear commitment to a fair tax system, and they keep all aspects of it, including stamp duty rates and thresholds, under regular review. In the 2002 Budget the Chancellor announced a major reform of certain aspects of stamp duty on land and buildings in the UK. A consultative document was published on 17 April 2002, seeking views on the detail of the modernised regime. This document contained no plans to abolish stamp duty on industrial property.

All commercial property—not just industrial property—will be exempt from stamp duty in 2,000 enterprise areas. The European Commission has now approved this relief under the State Aid rules. An announcement will be made shortly on implementation.

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