§ Lord Oakeshott of Seagrove Bayasked Her Majesty's Government:
What percentage by value of new leases granted on non-residential property will be in disadvantaged areas after 1 December 2003; and [HL2925]
Further to the Written Answer by the Lord McIntosh of Haringey on 12 May (WA 22–24), how the cost of exempting disadvantaged areas from stamp duty on the grant of new leases on nonresidential property can be included in the overall estimate if it is not separately identifiable; and [HL2926]
Further to the Written Answer by the Lord McIntosh of Haringey on 12 May (WA 22–24), what was the "previous yield transaction data" on which estimates of the annual cost to the Exchequer of the abolition of stamp duty on non-residential property purchases in disadvantaged areas were based; how many such transactions there were; over what period; and what were the average and total values of relief given; and [HL2927]
Further to the Written Answer by the Lord McIntosh of Haringey on 12 May (WA 22–24), what has been the capital value of new non-residential properties developed in each of the last three years for which figures are available in the fifty wards listed. [HL2928]
§ Lord McIntosh of Haringey:I regret that a reliable estimate cannot be given for the percentage by value of new leases which will be granted on non-residential property in disadvantaged areas after 1 December 2003.
The estimate of abolishing stamp duty on nonresidential property in disadvantaged areas was made on an aggregate basis. Within this total, the amount 94WA attributable to new leases is too small a component to be estimated reliably.
Stamp duty relief data for disadvantaged areas was used to calculate the percentage of yield attributable to these areas as a percentage of the yield for the United Kingdom as a whole while UK transaction data formed the basis for future projections of stamp duty. The data then available and the latest data, on nonresidential transactions receiving relief are as follows:
Commercial Transactions in disadvantaged wards receiving relief Number of claims Amount of relief given (£) A verage relief per claim (£) End November 2001 to end January 2003 758 749,010 990 End January 2003 to end April 2003 354 8,433.500 23,820 Data on the capital value of new non-residential properties developed by ward are not available.