Oral Answers to Questions

Debate between Mel Stride and Greg Hands

Tuesday 9th April 2019 Commons Chamber

[Greg Hands (Chelsea and Fulham) (Con)]

9. Whether he plans to reform stamp duty land tax.

[The Financial Secretary to the Treasury (Mel Stride)]

The Government have made substantial progress in reforming the stamp duty regime. At autumn statement 2014, SDLT was cut for 98% of those people due to pay it.

[Greg Hands]

Since we last spoke about this, the spring statement showed a further decline in receipts of an additional £2.7 billion over the scorecard. That was not due to changes in Wales and the welcome first-time buyer reforms, which were already in the October Budget numbers. What are the Government going to do to reform the system, protect revenue, grow social mobility, allow the elderly to downsize and get Britain moving again?

[Mel Stride]

The year-on-year changes to the level of receipts from SDLT have reduced recently, but that is due largely to the fact that we have put a great deal of relief into first-time buyers’ relief, which is already helping 240,000 first-time buyers get on to the housing ladder.

--- Later in debate ---

[Mel Stride]

It is largely companies that fall due to the loan charge, rather than individuals—of the 6,000 cases currently being settled, 85% by value relate to companies. HMRC has always been clear that appropriate payment arrangements will be in place to ensure that those outstanding amounts of tax, which after all have been avoided, aggressively and in a contrived way, can be settled sensibly.

[Greg Hands (Chelsea and Fulham) (Con)]

What priority will the Chief Secretary to the Treasury give to reducing the tax burden in the coming spending review?