§ Mr. WattsTo ask the Secretary of State for Trade and Industry what discussions she has had with the Treasury regarding tax incentives for industries in areas of deprivation. [51374]
§ Alan JohnsonDTI and Treasury Ministers have had a range of discussions about tax issues, including tax incentives relating to deprived areas. In the Budget on 17 April the Chancellor announced the implementation of the Community Investment Tax Credit. He also announced that the Government will abolish stamp duty for all non-residential transfers in the UK's most disadvantaged areas, subject to EU state aids approval. The Budget also confirmed that the Government have committed £20 million to the Community Development Venture Fund, and that the Government remain confident that private investors will contribute a further £20 million.