§ Mr. LoughtonTo ask the Chancellor of the Exchequer what is the estimated number of properties that will be converted for residential use under his VAT proposals for regeneration. [138221]
§ Dawn Primarolo[holding answer 13 November 2000]: Customs and Excise estimate that conversion activity which results in an estimated net gain of approximately 10,000 dwellings per year will benefit from the reduction in the VAT rate from 17.5 per cent. to 5 per cent. for work on residential to residential conversions.