Development Land Tax Bill

HC Deb 19 February 1976 vol 905 c785W

Mr. Rossi

asked the Chancellor of the Exchequer when he intends to introduce the Development Land Tax Bill.

Mr. Dell

As soon as possible. The Ways and Means Resolution is being tabled today.

Mr. Rossi

asked the Chancellor of the Exchequer what representations he has received and from what sources that a development land tax at a rate of 80 per cent. will diminish the supply of development land for housing purposes; and if he will consider reducing that rate before introducing a Development Land Tax Bill.

Mr. Dell

We have received a number of representations to this effect from representative and professional bodies. I have noted the concern expressed about the supply of land for housing purposes. The Development Land Tax Bill will provide that the exemption limit for DLT purposes will be £10,000 and that, up to 31st March 1979, the first £150,000 of development value realised in each year above the exemption limit will be charged at 66⅔ per cent. Development value realised in excess of £160,000 will be charged at 80 per cent.