Vat (New Construction)

Mr. Austin Mitchell
To ask the Chancellor of the Exchequer if in the light of proposals to introduce value added tax on new construction, he will make it his policy to cancel the stamp duty chargeable on new assets.

Mr. Norman Lamont
No. Stamp duty is not charged on the construction of a new building. It is charged on transfers of land and buildings, whether new or used, and regardless of the use to which the property will be put. I have no plans to make stamp duty dependent on whether or not value-added tax is charged.-----------------------
|Range of total income|
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|                     |
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|Up to £5,000         |
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|£5,000 to £10,000    |
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|£10,000 to £15,000   |
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|£15,000 to £25,000   |
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|Over £25,000         |
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|Total                |
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