Baroness Winterton of Doncaster
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Economic Update
Baroness Winterton of Doncaster Excerpts(4 years, 5 months ago)
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Rishi Sunak
Thank you—I think—to my right hon. Friend. I share his passion for getting our campsites open. I hope that an extra incentive today will be the cut in VAT, from 20% to 5%, which extends to campsites, as well as to caravan sites, bed and breakfasts, and hotels. I am not sure that I have the powers to summon anyone, but I will be delighted to bring to bear whatever influence I can on the matter. I look forward to discussing it with him further.
Madam Deputy Speaker (Dame Rosie Winterton)
In a moment, I will call the Chancellor of the Exchequer to move a provisional collection of taxes motion. Copies of the motion are available in the Vote Office. In accordance with Standing Order No. 51, on Ways and Means motions, a Minister of the Crown may without notice make a motion for giving provisional statutory effect to any proposals in pursuance of section 5 of the Provisional Collection of Taxes Act 1968. The question on such a motion shall be put forthwith. Part of relevant consideration Percentage So much as does not exceed £500,000 0% So much as exceeds £500,000 but does not exceed £925,000 5% So much as exceeds £925,000 but does not exceed £1,500,000 10% The remainder (if any) 12% Part of relevant consideration Percentage So much as does not exceed £500,000 3% So much as exceeds £500,000 but does not exceed £925,000 8% So much as exceeds £925,000 but does not exceed £1,500,000 13% The remainder (if any) 15% Rate bands Percentage £0 to £500,000 0% Over £500,000 1%
Provisional Collection of Taxes
Motion made, and Question put forthwith (Standing Order No. 51(2)),
That, pursuant to section 5 of the Provisional Collection of Taxes Act 1968, provisional statutory effect shall be given to the following motion:
Stamp duty land tax (temporary relief)
That—
(1) This Resolution makes modifications of Part 4 of the Finance Act 2003 in relation to any land transaction the effective date of which falls in the period (“the temporary relief period”)—
(a) beginning with 8 July 2020, and
(b) ending with 31 March 2021.
(2) Section 55(1B) (amount of stamp duty land tax chargeable: general) has effect as if for Table A there were substituted—
“TABLE A: RESIDENTIAL
(3) Schedule 4ZA (higher rates of stamp duty land tax for additional dwellings etc) has effect as if for the Table A in section 55(1B) mentioned in paragraph 1(2) there were substituted—
were substituted—
“TABLE A: RESIDENTIAL
(4) Paragraph 2(3) of Schedule 5 (amount of SDLT chargeable in respect of rent) has effect as if for Table A there were substituted—
“TABLE A: RESIDENTIAL
(5) Part 4 of the Finance Act 2003 has effect as if section 57B and Schedule 6ZA (which concern relief for first-time buyers) were omitted (and, accordingly, Schedule 9 is to have effect as if paragraphs 15 to 16 were omitted).
(6) In a case where—
(a) as a result of section 44(4) of the Finance Act 2003 the effective date of a land transaction falls in the temporary relief period, and
(b) the contract concerned is completed by a conveyance after that period ends,
section 44(8) of that Act is not to apply in relation to that conveyance if the sole reason that (but for this paragraph) it would have applied is that the modifications made by this Resolution have no effect in relation to that conveyance.
(7) Section 44(10) of the Finance Act 2003 applies for the purposes of paragraph (6).
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.—(Rishi Sunak.)
Question agreed to.
Madam Deputy Speaker
In order to allow the safe exit of hon. Members participating in this item of business and the safe arrival of those participating in the next, I am suspending the House for three minutes.
Virtual participation in proceedings concluded (Order, 4 June).