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Stamp Duties

Volume 464: debated on Tuesday 9 October 2007

To ask the Chancellor of the Exchequer (1) what the timetable is for the introduction of the zero rate of stamp duty for zero carbon homes; (153802)

(2) what records (a) his Department, (b) HM Revenue and Customs and (c) the Valuation Office Agency will collate on the number of house sale transactions that received the zero rate of stamp duty on zero carbon homes;

(3) what his Department's definition of a zero carbon residential dwelling is for the purposes of stamp duty.

The draft regulations, which set out (among other matters) the definition of a new zero-carbon home for stamp duty land tax purposes, were circulated to the Public Bill Committee on the Finance Bill in May. The Treasury consulted interested stakeholders on these draft regulations in June and July. It is intended that draft regulations will be laid before Parliament in October under the affirmative procedure with a view to being approved by the House of Commons coming into force.

It is proposed that the tax relief will apply retrospectively to acquisitions of homes that met the criteria occurring from 1 October 2007, in line with the Government's Budget commitment.

The tax relief will be claimed using the stamp duty land tax return, which will contain a specific code for this tax relief. HM Revenue and Customs will therefore be able to monitor the number of claims for tax relief and the amount of relief given. HM Treasury will have access to this data in an aggregated form. The Valuation Office Agency has no plans to collate information in respect of the relief.