§ Lord Oakeshott of Seagrove Bay
asked Her Majesty's Government:
What would have been the additional revenue to the Exchequer in 2003–04 from commercial property transactions if there had been no 119WA exemption from stamp duty in disadvantaged areas; and what they estimate the likely additional revenue would be in 2004–05, including actual figures for the year to date in so far as they are available. [HL1084]
§ The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Lord McIntosh of Haringey)
The estimated amount of stamp duty relief given in disadvantaged areas in 2003–04, and forecast for 2004–05, is published atwww.newinternet.inrev.gov.uk/stats/ tax_expenditures/table1-5.pdf. This amount includes some relief for residential transactions in those areas where the value of the transaction is above the stamp duty threshold but below £150,000. The amount of additional revenue if there had been no exemption from relief for commercial transactions from April 2003 is highly uncertain due to the likely use of other reliefs in some instances and other behavioural effects.