Asked by: Shivani Raja (Conservative - Leicester East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of a phased approach to stamp duty increases for those in pre-agreed property transactions.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The increase of the Stamp Duty Land Tax (SDLT) Higher Rates for Additional Dwellings (HRAD) by two percentage points at the Autumn Budget 2024, will impact transactions on or after 31 October 2024.
The rate increase will not apply to transactions where contracts have been exchanged prior to 31 October but have not yet completed. This means that those who have already committed to a purchase, by exchanging contracts, won’t pay more tax than they were expecting to pay when they agreed to buy the property.
The timing of implementation of tax increases is a balanced judgement which requires a comprehensive evaluation of a variety of factors including, but not limited to, complexity, fairness, and simplicity for the taxpayer. The Government keeps all taxes under review as part of the usual tax policy making process and welcomes representations to help inform future decisions on tax policy.
Asked by: Shivani Raja (Conservative - Leicester East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with Cabinet colleagues on the levels of funding for grassroots sports.
Answered by Darren Jones - Chief Secretary to the Treasury
Government funding is being considered in the usual way as part of the Spending Review. The outcome of this review will be communicated in due course.
Asked by: Shivani Raja (Conservative - Leicester East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether there are fiscal incentives for businesses looking to invest in creative industries in the UK; and whether she plans to take steps to encourage such investments.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The creative industries play a key role in driving economic growth. The Government is committed to supporting them and will implement a creative industries sector plan as part of the Industrial Strategy, creating good jobs and accelerating growth in film, music, gaming, and other creative sectors.
One of the ways that the Government incentivises investment in the sector is through the creative industry tax reliefs, which provide generous support for production costs of theatres, orchestras, museums and galleries and film, TV and video games companies. The reliefs delivered £2.2 billion of support to these industries in financial year 2022-23.
The government also provides a range of grant support.