§ Mr. Nicholas Bakerasked the Chancellor of the Exchequer whether it is the intention of the Board of Inland Revenue to make further statutory regulations under section 40 of the Development Land Tax Act 1976.
§ Mr. WakehamYes. Under Regulation 3(a) of the Development Land Tax (Disposals by Non-Residents) Regulations 1976 (SI 1976/1190) the purchaser of property consisting of a dwelling house from a non-resident vendor is not required to make a deduction from the consideration if that consideration does not exceed £25,000. Regulations will be laid in due course increasing that amount to £150,000.
Clause 90 of the Finance Bill now before Parliament seeks to extend the power of the Board of Inland Revenue to make regulations modifying the application of Section 152W 40 of the Development Land Tax Act 1976. There is no immediate intention of making regulations under those extended powers.