§ Mr. Matthew BanksTo ask the Chancellor of the Exchequer (1) what contribution the business expansion scheme has made to encouraging investment in the private rental sector;
(2) what steps are being taken to encourage long-term ownership of rented property following the abolition of the business expansion scheme on 31 December.
§ Mr. DorrellThe business expansion scheme was extended in 1988 for a limiting period for qualifying investment in private rented housing companies to stimulate investors' interest in a sector which has received little encouragement for many years. By the end of 1992–93, the BES had attracted some £2.1 billion for housing companies, and it is estimated that some 40,000 units of rented accommodation have been provided as a result. Any proposal for future tax policy are a matter for the Budget to be presented on 30 November.