Asked by: Lord Flight (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what estimate they have made of the number of bad leavers from Save As You Earn schemes in each of the last five years.
Answered by Lord Agnew of Oulton
The Save As You Earn (SAYE) scheme is a tax-advantaged employee share scheme offered by the Government.
A “bad leaver” from a SAYE scheme is a participant that does not meet the good leaver provisions as defined in the legislation at paragraph 34 of Schedule 3 to the Income Tax (Earnings and Pensions) Act 2003.
HMRC collects data at the points at which employees enter or leave SAYE schemes but this does not directly include data on “bad leavers”.
Asked by: Lord Flight (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what estimate they have made of the total value of savings held by bad leavers participating in Save As You Earn schemes, before they exited, in each of the last five years.
Answered by Lord Agnew of Oulton
The Save As You Earn (SAYE) scheme is a tax-advantaged employee share scheme offered by the Government.
A “bad leaver” from a SAYE scheme is a participant that does not meet the good leaver provisions as defined in the legislation at paragraph 34 of Schedule 3 to the Income Tax (Earnings and Pensions) Act 2003.
HMRC collects data at the points at which employees enter or leave SAYE schemes but this does not directly include data on “bad leavers”.
Asked by: Lord Flight (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what estimate they have made of the total value forfeited in share growth as a result of participants in Save As You Earn schemes exiting as bad leavers in each of the last five years.
Answered by Lord Agnew of Oulton
The Save As You Earn (SAYE) scheme is a tax-advantaged employee share scheme offered by the Government.
A “bad leaver” from a SAYE scheme is a participant that does not meet the good leaver provisions as defined in the legislation at paragraph 34 of Schedule 3 to the Income Tax (Earnings and Pensions) Act 2003.
HMRC collects data at the points at which employees enter or leave SAYE schemes but this does not directly include data on “bad leavers”.
Asked by: Lord Flight (Conservative - Life peer)
Question to the HM Treasury:
Her Majesty's Government what assumptions they made in forecasting expected revenue from the three percentage point stamp duty levy on the purchase of additional homes and homes available for rent.
Answered by Lord Bates
The key assumptions behind the forecast for expected revenue from the Stamp Duty Land Tax (SDLT) higher rates for additional properties are as set out in the Spending Review and Autumn Statement 2015 and Budget 2016 policy costings. The tax base was estimated by combining price and volumes data from the Council of Mortgage Lenders, Census 2011 and administrative data from SDLT and Council Tax. The tax base was projected to grow over the forecast period in line with the OBR Autumn Statement 2015 forecasts for residential SDLT, residential transactions and average house prices. The costing also accounted for a behavioural response. At Budget 2016 the size of the tax base was re-estimated by the OBR using HM Revenue and Customs administrative data from SDLT returns.Asked by: Lord Flight (Conservative - Life peer)
Question to the HM Treasury:
Her Majesty's Government what was (1) the total income raised from the stamp duty levy on additional homes, and (2) the total amount refunded because a purchaser sold their main residence within three years of buying a new one, in 2016-17.
Answered by Lord Bates
The total income raised from the higher rate of Stamp Duty Land Tax (SDLT) on additional homes for 2016-17 was £1,643m. This is the revenue from the additional 3% element only and therefore excludes the revenue from the main rates of SDLT on these properties.
Statistics on repayments from the higher rate of SDLT on additional properties for 2016-17 are due to be published in July 2017.
Asked by: Lord Flight (Conservative - Life peer)
Question to the HM Treasury:
Her Majesty's Government what assessment they have made of the impact of the stamp duty levy on investment in new homes available for rent.
Answered by Lord Bates
The Government introduced the higher rates of stamp duty on additional properties to support home ownership and first-time buyers. It is right that people should be free to purchase a second home or invest in a buy-to-let property, but the Government is aware that this can impact on other people’s ability to get on to the property ladder.
The latest estimate for this measure’s receipts for 2016-17 is £1.6 billion, compared to an initial forecast of £0.7 billion.