I thank the Minister and echo his thanks to Members from both sides of the House for the efficient debates we have had on the Bill, which, as he noted, has had support from across the House. He is right that the slab structure of SDLT was very unpopular. It was subject to regular criticism, and Ministers and shadow Ministers have long been lobbied for change. The Institute for Fiscal Studies described it as
“one of the worst designed and most damaging of all taxes”,
so it is good to see some change, especially given the huge increase in house prices that led to the burden of stamp duty rising significantly.
I am grateful to the Minister for answering the questions I put to him, particularly those on dealing with the differential treatment of commercial and residential property. Sometimes the way in which the Minister says, “We keep all taxes under review,” hints that some change might be in the offing or that no change will happen at all on his watch. I could not work out which applied today, so at the very least I am sure he has made his officials very happy.
I welcome the measure. Notwithstanding the figures on house building that the Minister gave at the tail-end of his speech, I place on record our continuing concern that the Government have not done enough to deal with the biggest housing crisis for a generation. We need a much more active approach to housing supply, rather than dealing with demand-side issues, but those are debates for another day. The changes to stamp duty are welcome and we are happy to support them.
5.5 pm