Development Land Tax

HC Deb 19 February 1982 vol 18 cc237-8W

Mr. Bright

asked the Chancellor of the Exchequer what is the most recently estimated annual cost of the reduction in development land tax to bring small sites on to the market as an aid to the encouragement of new and small firms.

Mr. Ridley

It is not clear to what my hon. Friend is referring, but it was estimated in the Financial Statement and Budget report for 1979–80 that the reduction in the rate of development land tax and the increase in the annual exempt slice, which are particularly beneficial to small transactions, would cost £10 million in a full year.

Mr. Heddle

asked the Chancellor of the Exchequer how many forms are prescribed under the schedules within the Development Land Tax Act for use by the development land tax office.

Mr. Ridley

The total number prescribed under the sections and schedules of the Development Land Tax Act and the provisions of the Taxes Management Act 1970 adopted for the purposes of development land tax is 25.