Stamp Duty (Hansard, 7 November 2002)

§ Mr. Stephen O'Brien
To ask the Chancellor of the Exchequer what his Department's projected income from stamp duty on share transactions is for(a) the current financial year and (b) each of the next three financial years; and what income has been received in each financial year since 1997. [79099]

§ Ruth Kelly
Details of the Stamp Duty projections are not published. Stamp Duty receipts arising from transactions in shares and other securities, for the financial years since 1997, are given on the Inland Revenue website at: http://www.inlandrevenue.gov.uk/stats/stamp—duty/sd—t01—1.htm.

§ Mr. Austin Mitchell
To ask the Chancellor of the Exchequer what recent discussions he has had with the European Commission on stamp duty. [80212]

§ Mr. Flight
To ask the Chancellor of the Exchequer, what discussions he has had with the European Commission regarding his proposed policy of abolishing stamp duty on commercial properties in rundown areas; and when he expects approval to be given. [80379]

§ John Healey
The extension of the stamp duty relief for non-residential property in disadvantaged areas is a key part of the Government's overall drive to regenerate deprived areas. We have already exempted from stamp duty all property transactions in disadvantaged areas where the consideration is less than £150,000.
We now want to extend that relief to exempt all non-residential properties in disadvantaged areas.
Officials have been pursuing full approval of this relief as state aid since we notified the measure to the European Commission. In addition, I met Commissioner Monti in September to discuss our application for approval as state aid of this measure. As part of a wider discussion on a range of issues, the Chancellor discussed this issue with Commissioner Monti in October.
The European Commission is currently conducting a thorough review of our application. Clearly we cannot pre-empt the timing of state aid approval since this is a matter for the European Commission.

§ Mr. Flight
To ask the Chancellor of the Exchequer (1) how many applications have been received for relief from stamp duty on houses worth less than £150,000; [80382]
(2) what he estimates the total amounts of stamp duty is that purchasers have saved from the abolition of stamp duty on houses worth less than £150,000. [80378]

§ John Healey
Between the implementation of the relief at the end of November 2001 and the end of August 2002, relief had been granted for around 35,000 residential properties. This figure does not include transactions where the consideration is less than £60,000 since these are not currently chargeable to stamp duty.
788W
Forecasts of the amount of stamp duty exemption for disadvantaged areas were given in table A2.1 of the Budget 2002 report and will be updated in the Pre-Budget Report.

§ Mr. Flight
To ask Mr. Chancellor of the Exchequer (1) if he will estimate to how many purchases last year his proposed policy of abolishing stamp duty on commercial properties in rundown areas would have applied had it been in operation; [80375]
(2) how many commercial properties he estimates his proposed policy of abolishing stamp duty on commercial properties in rundown areas would apply to. [80376]

§ John Healey
The number of properties affected by the proposed policy depends on market conditions in the affected areas but is estimated to be in the order of 1,000 a year.

§ Mr. Flight
To ask the Chancellor of the Exchequer what provision he has made to encourage urban regeneration in the event that the European Commission rejects his proposed policy of abolishing stamp duty on commercial properties in rundown areas. [80377]

§ John Healey
We continue to work closely with the European Commission to progress our application for state aid approval for the extension of the existing relief from stamp duty in disadvantaged areas which is part of a wider package of measures designed to regenerate the most deprived areas of the UK.

§ Mr. Flight
To ask the Chancellor of the Exchequer (1) how much tax revenue he estimates the Treasury saved last year through purchasers failing to apply for relief from stamp duty on purchases of properties worth less than £150,000; [80373]
(2) how many purchasers he estimates since the inception of the scheme could have applied for relief from stamp duty on purchases of houses worth less than £150,000 but failed to. [80374]

§ John Healey
I regret that this information is not available. The Government is committed to ensuring that everyone who is entitled to this relief receives what is due to them. Where the relief is not claimed but is subsequently discovered to have been due, the Inland Revenue will make a full repayment of any duty paid.