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Enterprise Areas

Volume 412: debated on Friday 11 April 2003

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To ask the Chancellor of the Exchequer how many new businesses have (a) sought and (b) secured exemption from stamp duty in enterprise areas. 107675]

Stamp duty is charged according to the type of property, rather than the type of buyer so the Inland Revenue does not keep a record of the numbers of businesses or individuals who claim the relief. However, the exemption has been claimed on over 700 commercial property transactions and around 72,000 residential property transactions to date, benefiting buyers of all those properties with an exemption from stamp duty worth up to £1,500 per transaction. The number of claims in relation to commercial property is likely to increase now that the Chancellor has announced the abolition of the existing £150,000 cap for non-residential property from 10 April which will offer unlimited stamp duty relief on non-residential property to businesses investing in the 2000 enterprise areas.