Development Land Tax

Mr. Michael Martin
asked the Chancellor of the Exchequer how much revenue he estimates has been lost as a result of the loopholes in the development land tax legislation which allowed a developer to set up off-the-peg companies and benefit from the £50,000 exemption for each.

Mr. Peter Rees
The amount of tax lost cannot be estimated.

Mr. Michael Martin
asked the Chancellor of the Exchequer if he will make retrospective his proposal to close the loophole in the development land tax legislation which allows a developer to set up off-the-peg companies and benefit from the £50,000 exemption for each.

Mr. Peter Rees
No.