Asked by: Tania Mathias (Conservative - Twickenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he plans that the three per cent additional stamp duty rate on the purchase of a second home will apply to people in the process of moving house who own two properties for a short period of time.
Answered by David Gauke
In general, if, at the end of the day of a residential property transaction, a purchaser owns more than one property and has not replaced a main residence, the higher rates will apply. Where there is a temporary overlap between replacing and selling a main residence, the higher rates will apply but the purchaser will be entitled to a refund of the higher amounts on disposal of the previous main residence within 18 months.
The Government is consulting on the policy detail, including on the treatment of difficult cases.
Asked by: Tania Mathias (Conservative - Twickenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether the purchase of buy-to-let property by a person whose current residence derives only from their job will be deemed as a second home for tax purposes under the new Rules on Stamp Duty coming into force in April 2016.
Answered by David Gauke
The new higher rates of Stamp Duty Land Tax (SDLT) will apply to the purchase of additional residential properties and will come into force on 1 April 2016. Work-related accommodation which is provided and owned by an employer does not count when considering whether an individual is purchasing an additional property or not. The Government will shortly consult on the policy design, including on the treatment of particularly difficult cases, to ensure the change to SDLT is implemented in a fair way.
Asked by: Tania Mathias (Conservative - Twickenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to paragraph 3.70 of the Spending Review and Autumn Statement 2015, whether it is his policy that the new rate of stamp duty land tax on second homes will apply to foreign investors and people not domiciled in the UK.
Answered by David Gauke
Foreign investors and people not domiciled in the UK will be treated in exactly the same way as UK residents under these new rates. If purchasers own another property anywhere else in the world and are purchasing an additional property in England, Wales or Northern Ireland they will be charged under the new rates.
Asked by: Tania Mathias (Conservative - Twickenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps HM Revenue and Customs is taking to recover money owed by people who benefited from the employee benefit trust scheme used by Glasgow Rangers Football Club.
Answered by David Gauke
HM Revenue and Customs has a statutory duty to maintain taxpayer confidentiality and cannot comment on the affairs of individual taxpayers.
Asked by: Tania Mathias (Conservative - Twickenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, by what process his Department set the age limit for passing on a pension tax free.
Answered by David Gauke
The age 75 is a feature of the existing pensions tax system. It is the age at which individuals stop receiving tax relief on pension contributions and by which most people will have brought their pension into payment.