Asked by: Lord Moylan (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what discussions they had with the "build to rent" sector to understand the impact of the proposed abolition of the Stamp Duty Land Tax Multiple Dwellings Relief announced in the Spring Budget, beyond the consultation from November 2021 to February 2022.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The abolition of Multiple Dwellings Relief follows an external evaluation which found no strong evidence the relief is meeting its original objectives of supporting investment in the private rented sector.
Larger investors who purchase 6 or more properties in a single transaction can still continue to benefit from the non-residential rates of Stamp Duty Land Tax.
The government will continue to engage with stakeholders in the build to rent sector to understand any concerns.
Asked by: Lord Moylan (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government when in early 2024 they intend to consult on the impacts of the July 2023 High Court ruling in Uber Britannia Ltd v Sefton MBC on the VAT treatment of Private Hire Vehicles, as undertaken in paragraph 5.81 of the Autumn Statement 2023.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The Government remains committed to consulting on the impacts of this ruling, and will publish a consultation in due course.
Asked by: Lord Moylan (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government how many UK tax payers who were entitled to a Personal Allowance (even if abated by withdrawal) submitted an Income Tax Return in the last full fiscal year which declared a taxable income between £100,000 and £125,140.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Government does not publish this information.
The total number of income taxpayers for those earning above £100,000 is published online in Table 2.5 of HMRC’s income tax liabilities statistics. For the 2022-23 tax year, this is estimated at 1,580,000. These statistics are based on the Survey of Personal Incomes (SPI) consistent with OBR forecasts within the 2022 Spring forecast.
This table does not include a breakdown of the number of taxpayers with income between £100,000 and £125,140.
Asked by: Lord Moylan (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what estimate they have made of the reduction in income tax receipts that would result per annum from restoring the Personal Allowance to those earning over £100,000 a year.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Government does not publish this information.
For individuals with income above £100,000, the Personal Allowance (PA) is withdrawn gradually, with £1 of allowance lost for every £2 of income above the income limit of £100,000. This reduction continues until the PA is completely withdrawn for those with incomes above £125,140.
The total income tax liability for those earning above £100,000 is published online in Table 2.5 of HMRC’s income tax liabilities statistics. For the 2022-23 tax year, this is estimated at £123 billion, almost half of the estimated income tax revenue for this year.
As with all aspects of the tax system, the Government keeps the withdrawal of the PA under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.