§ 35. Mrs. EllmanTo ask the Chancellor of the Exchequer what assessment he has made of the impact of the tax changes announced in the Budget on the regeneration in Liverpool. [154634]
§ Dawn PrimaroloThe Government announced in Budget 2001 a package of fiscal measures to help regenerate Britain's towns and cities. This package includes stamp duty exemption for property transactions in disadvantaged communities, 150 per cent. payable tax credit for cleaning up contaminated land, reduced rate of VAT for residential coversions, and 100 per cent. capital allowances for "creating flats over shops" for letting.
771WThe measures will tackle physical regeneration of towns and cities—helping to bring derelict and under-utilised land and property back into productive use and reducing pressure for development on greenfield land.
The total value of these measures is, estimated at over £1 billion over five years, across the UK.
It is not possible to quantify the impact of these tax changes on the regeneration of Liverpool.