§ Mr. DismoreTo ask the Chancellor of the Exchequer what plans he has to remove taxation barriers to Islamic mortgages; and if he will make a statement. [80491]
§ Ruth KellyThe Government want to see consumers benefit from a wide choice and innovation in the financial services market. We are therefore keen to examine any perceived restrictions on product development that are brought to our attention.
We are now examining this issue in the context of the reforms under way as part of the modernisation of stamp duty as announced in the Budget on 17 April by 71W Gordon Brown. The review of stamp duty is an opportunity to iron out anomalies that exist under the current legislation. Our intention is to introduce legislation for the new stamp duty regime in Finance Bill 2003, and to implement the revised scheme late next year.