Town and Country Planning

Found: Paula Barker MP (Labour, Liverpool, Wavertree ) Olivia Blake MP (Labour, Sheffield, Hallam ) Sir Geoffrey

Found: Paula Barker MP (Labour, Liverpool, Wavertree ) Olivia Blake MP (Labour, Sheffield, Hallam ) Sir Geoffrey

Found: Paula Barker MP (Labour, Liverpool, Wavertree ) Olivia Blake MP (Labour, Sheffield, Hallam ) Sir Geoffrey

Found: Paula Barker MP (Labour, Liverpool, Wavertree ) Olivia Blake MP (Labour, Sheffield, Hallam ) Sir Geoffrey

Found: of Commons) Former members Lord Morse (Deputy Chair) [Member from 22/02/23 until 31/01/24] Sir Geoffrey

Found: of Commons) Former members Lord Morse (Deputy Chair) [Member from 22/02/23 until 31/01/24] Sir Geoffrey

Found: of Commons) Former members Lord Morse (Deputy Chair) [Member from 22/02/23 until 31/01/24] Sir Geoffrey

Found: Kinniburgh, Chris Larmer, Susan Lapworth and I appeared before the Committee under the chairmanship of Sir Geoffrey

Found: Q58 Sir Geoffrey Clifton-Brown: Sir Alex, can I ask you a question?

Found: Watch the meeting Members present: Sir Geoffrey Clifton-Brown (Chair); Ben Lake; Anne Marie Morris;

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he recused himself from pre-Budget discussions on reducing the higher rate of Capital Gains Tax.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The OBR have confirmed that residential property transactions will be around 60,000 higher over the 5-year forecast, owing to the cut to the higher rate of Capital Gains Tax (CGT) on residential property gains from 28 per cent to 24 per cent.

The published costings note which covers underlying assumptions and methodologies, can be found here:

https://assets.publishing.service.gov.uk/media/65e7920c08eef600155a5617/Published_Costing_Document_Spring_Budget_2024_Final.pdf

Further information on the methodology also can be found here:

https://obr.uk/letters-to-john-mcdonnell-mp-and-sir-geoffrey-clifton-brown-mp/

As set out in the Ministerial Code, there is an established process in place for the declaration and management of private interests held by ministers. This process ensures that steps are taken to avoid or mitigate any potential or perceived conflicts of interest. These interests were properly declared in line with ministerial code. The Chancellor has also said: “I’ve decided that when it comes to properties I own, it would be wrong for me to benefit from a direct decision like that. So I will pay tax on the previous rate.”

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will publish his Department's modelling of the impact of a reduction in the higher rate of Capital Gains Tax on the number of property transactions.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The OBR have confirmed that residential property transactions will be around 60,000 higher over the 5-year forecast, owing to the cut to the higher rate of Capital Gains Tax (CGT) on residential property gains from 28 per cent to 24 per cent.

The published costings note which covers underlying assumptions and methodologies, can be found here:

https://assets.publishing.service.gov.uk/media/65e7920c08eef600155a5617/Published_Costing_Document_Spring_Budget_2024_Final.pdf

Further information on the methodology also can be found here:

https://obr.uk/letters-to-john-mcdonnell-mp-and-sir-geoffrey-clifton-brown-mp/

As set out in the Ministerial Code, there is an established process in place for the declaration and management of private interests held by ministers. This process ensures that steps are taken to avoid or mitigate any potential or perceived conflicts of interest. These interests were properly declared in line with ministerial code. The Chancellor has also said: “I’ve decided that when it comes to properties I own, it would be wrong for me to benefit from a direct decision like that. So I will pay tax on the previous rate.”

Found: Clifton-Brown [R] Craig Mackinlay Mr David Jones Sir Graham Brady Sir Bill Wiggin Jonathan

Found: Clifton-Brown [R] Craig Mackinlay Mr David Jones Sir Graham Brady Sir Bill Wiggin Jonathan

Found: Clifton-Brown [R] Craig Mackinlay Mr David Jones Sir Graham Brady Sir Bill Wiggin Jonathan Gullis