§ Lord Oakeshott of Seagrove Bay asked Her Majesty's GovernmentWhat the latest available figures are for (i) the resident population and (ii) the total rateable value for non-residential properties in each of the following wards:
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Local Authority Ward Local Authority Ward Portsmouth Charles Dickens Sunderland Central Southampton Bargate Liverpool Abercromby Bristol Ashley Manchester Central Cabot Preston Central Plymouth Sutton Harlow Hare St & Town Centre Belfast Shaftesbury Ipswich Town Londonderry The Diamond King's Lynn Central Norwich Mancroft Newport (Gwent) Stow Hill Peterborough Central Swansea Castle Thurrock West Thurrock ;and [HL2611] What were their estimates in calculating the annual cost to the Exchequer of the abolition of stamp duty on non-residential property purchases in disadvantaged areas, of—
- (a) the total current capital value of nonresidential property in the 2000 disadvantaged areas;
- (b) the proportion of this total value which will be bought and sold each year; and
- (c) the proportion of the annual cost to the Exchequer represented by the abolition of stamp duty on purchases of existing nonresidential properties, as opposed to development of new non-residential properties; and [2612]
What the estimated cost to the Exchequer will be in the financial year 2004–05 of exempting the 2000 disadvantaged areas from stamp duty on the grant of new leases on non-residential property, at the rates proposed in the 2003 Budget. [HL2613]
§ Lord McIntosh of HaringeyInformation on ward resident populations and rateable values is given in the following table.
The relief from stamp duty in disadvantaged areas has already benefited thousands of individuals and businesses, as well as the communities in which they are investing.
Estimates of the annual cost to the Exchequer of the abolition of stamp duty on non-residential property purchases in disadvantaged areas were based on previous yield transaction data. This did not involve specific estimates of the total current capital value of non-residential property or the rate of turnover. The estimate did not include a component for the development of new non-residential properties arising from the relief. As such transactions would not have gone ahead without the relief, there is no exchequer cost resulting from relief for such transactions.
The cost of exempting 2,000 disadvantaged areas from stamp duty on the grant of new leases on nonresidential property is included in the overall estimate but is not separately identifiable.
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Resident population and rateable values in selected wards in England, Wales and Northern Ireland Local Authority Ward Resident Population mid 1998 TotalRateableValue1 April 2003(£million) Camden Holborn 6,600 176.8 Kings Cross 7,800 18.2 Regent's Park 9,600 51.1 St Pancras 5,400 24.4 Somers Town 7,300 47.9 Hammersmith and Fulham White City and Shepherds Bush 10,200 27.6 Hackney Moorfields 6.100 100.7 Islington Bunhill 6.900 119.5 Clerkenwell 11.600 60.2 Lambeth Bishops 10,800 3.3 Southwark Cathedral 6.800 70.0 Dockyard 20,200 15.4 Riverside 10.500 26.6 Tower Hamlets Millwall 18.100 47.7 St Katherine's 15.100 86.7 Portsmouth Charles Dickens 15.800 51.0 Southampton Bargate 16,900 100.9 Bristol Ashley 13,600 6.7 Cabot 13.900 103.6 Plymouth Sutton 11.600 53.0 Harlow Hare St and Town Centre 3.600 22.3 Ipswich Town 7,800 52.1 King's Lynn Central 2.900 4.7 Norwich Mancroft 7,800 78.2 Peterborough Central 8,400 48.0 Thurrock West Thurrock 8,700 117.1 Leicester Wycliffe 12.600 28.0 Northampton Castle 8.000 32.3 Derby Babington 11,900 3.3 Litchurch 11.400 51.6 Birmingham Ladywood 27,100 231.6 Dudley Brierley Hill 10.300 50.9 Coventry St Michaels 16,000 57.1 Wolverhampton St Peters 14,300 53.3 Hull Myton 11.800 58.4 Leeds City and Holbeck 21.300 249.2 Sheffield Castle 14.700 21.1 Darnall 98.5 Stoke-on-Trent Shelton 19,400 41.9 Darlington Central 3.100 23.8 Newcastle-upon- Tyne West City 7.900 68.5 Sunderland Central 12,700 34.7 Liverpool Abercromby 12,900 45.2 Manchester Central 10,500 294.4 Preston Central 9,500 69.6 Belfast Shaftesbury Not available Not available Londonderry The Diamond Not available Not available Newport (Gwent) Stow Hill Not available 22.8 Swansea Castle Not available 45.1