§ Mr. PriskTo ask the Chancellor of the Exchequer what estimate he has made of the change in stamp duty land tax revenues in 2004–05 from(a) residential property, (b) commercial property, (c) anti tax avoidance measures and (d) securities-related transactions. [146424]
§ Ruth Kelly[holding answer 8 January 2004]: Forecast revenues from stamp taxes on Land and Property transactions and transactions in Shares are given in the table below. The forecast yields are consistent with the published PBR forecast. The yield from anti-avoidance measures was published in Table A2.1 of the Budget 2003 report.
£ million 2003–04 2004– Stamp Duty 4,800 6,000 Stamp Duty Land Tax 2,700 3,300 The increase in duty on land transactions is in due to the introduction of Stamp Duty Land Tax on 1 December 2003. In particular this will:
(A) prevent the avoidance of stamp duty that was formerly common in commercial transactions, and(B) charge duty on the grant of a new lease in a way that better reflects the economic and commercial reality'Separate forecasts of yield for residential and commercial property are not available.