§ Mr. Jim CunninghamTo ask the Chancellor of the Exchequer if he will make a statement on land value taxation; and what taxation concessions are available for brownfield development. [127455]
§ Dawn Primarolo[holding answer 26 June 2000]: There is no specific tax on the value of land. Profits or gains from the sale of land and from development itself may be chargeable to income tax, corporation tax or capital gains tax. Sales of land are generally subject to stamp duty.
The Government will consult interested parties about a possible relief from stamp duty for new developments on brownfield sites.