Asked by: Mike Freer (Conservative - Finchley and Golders Green)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the cost to small businesses and sole traders of quarterly returns as part of the making tax digital reforms announced by the Government on 15 August 2016.
Answered by Jane Ellison
The Government has been clear that quarterly updates will not amount to four tax returns a year.
The Making Tax Digital consultations closed on 7 November. The Government is currently considering the responses received and, as announced at the Autumn Statement, will publish its response in January. As part of its response, the Government will also publish an updated impact assessment.
Asked by: Mike Freer (Conservative - Finchley and Golders Green)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when he plans to publish the results of the consultation on making tax digital.
Answered by Jane Ellison
The Government has been clear that quarterly updates will not amount to four tax returns a year.
The Making Tax Digital consultations closed on 7 November. The Government is currently considering the responses received and, as announced at the Autumn Statement, will publish its response in January. As part of its response, the Government will also publish an updated impact assessment.
Asked by: Mike Freer (Conservative - Finchley and Golders Green)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many properties valued at or over £1 million were sold in October to December (a) 2014 and (b) 2015; and how much was raised in stamp duty land tax in each of those periods.
Answered by David Gauke
The table below summarises estimates for the number of and yield from property transactions between October and December 2014 and 2015. The estimates for 2014 include transactions in Scotland whereas estimates for 2015 do not because SDLT ceased to be applicable to Scottish transactions from 1 April 2015. The figures for the 2015-16 financial year are provisional.
| October to December 2014 | October to December 2015 |
Residential Transactions at or over £1m (Number) | 4,800 | 5,300 |
Residential Transactions at or over £1m (Stamp Duty Land Tax) | £577 million | £674 million |
Non-Residential Transactions at or over £1m (Number) | 3,800 | 3,600 |
Non-Residential Transactions at or over £1m (Stamp Duty Land Tax) | £708 million | £731 million |
Total Stamp Duty Land Tax | £2.87 billion | £2.91 billion |
Asked by: Mike Freer (Conservative - Finchley and Golders Green)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many applications for 65+ Guaranteed Growth Bonds his Department estimated it would receive; how many applications for such bonds have been received; what estimate he made of how much time it would take to process each application for such bonds; and how long it is taking to process each such application.
Answered by Andrea Leadsom
HM Treasury estimated that £10bn of the 65+ bond would help over a million pensioners.
The original scheme was extended on Sunday 8 February the Chancellor announced the Government will extend the availability of the Bonds. Following the unprecedented demand - which has made this the biggest sale of any retail financial product in Britain's modern history - the Bonds will now be on sale until 15 May 2015.
Applications are received through the internet, by phone and by post, and have different processing times. Transactions undertaken over the internet and by phone receive a debit card receipt confirming that the funds have been taken within a few hours, and they will receive an email confirmation within two days. It takes between 7 and 10 days to process a postal application, this timeframe includes 2 days for the postal delivery service.