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44654
registered interest false more like this
date less than 2014-03-24more like thismore than 2014-03-24
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what account his Department has taken of mortgage liability in its assessment of liability for levy on higher value homes as part of its work preparatory to the possible introduction of such a tax. more like this
tabling member constituency Hertsmere more like this
tabling member printed
Mr James Clappison remove filter
uin 193510 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-05-12more like thismore than 2014-05-12
answer text <p>The Government does not intend to introduce a new levy on higher value homes.</p><p> </p><p>The number of residential properties in the UK valued at more than £2 million was estimated before Budget 2012 to be around 55,000. The Treasury does not have a precise regional breakdown of properties worth over £2 million.</p><p> </p><p>Budget 2012 introduced a number of changes to high value property tax, including the introduction of the Annual Tax on Enveloped Dwellings (ATED), a tax on residential properties valued at more than £2 million owned through certain corporate ‘envelopes'.</p><p> </p><p>Self-assessment was chosen for ATED. The cost of implementing ATED was set out in the Tax Information and Impact Note published alongside Budget 2013. <a href="http://www.hmrc.gov.uk/budget2013/tiin-1182.pdf" target="_blank">http://www.hmrc.gov.uk/budget2013/tiin-1182.pdf</a></p><p>The cost of implementation of a new levy would be dependent on the nature of the tax.</p><p> </p><p>As part of the introduction of ATED, a public consultation document was published and a variety of organisations responded. The response to the consultation can be found here: <a href="https://www.gov.uk/government/consultations/ensuring-the-fair-taxation-of-residential-property-transactions" target="_blank">https://www.gov.uk/government/consultations/ensuring-the-fair-taxation-of-residential-property-transactions</a></p><p> </p><p>When developing ATED, no account was taken of mortgage liability.</p><p> </p>
answering member constituency South West Hertfordshire more like this
answering member printed Mr David Gauke more like this
grouped question UIN
193358 more like this
193359 more like this
193360 more like this
193361 more like this
193362 more like this
question first answered
less than 2014-05-12T12:00:00.00Zmore like thismore than 2014-05-12T12:00:00.00Z
answering member
1529
label Biography information for Mr David Gauke more like this
tabling member
67
label Biography information for Mr James Clappison more like this