§ Mr. Austin Mitchell
To ask the Chancellor of the Exchequer what is his estimate of the yield to the Revenue in a full year of a property tax equal to 1 per cent. of the current value of all land and buildings; and if he can provide separate estimates for residential, commercial and industrial property.
§ Mr. Norman Lamont
The national balance sheet estimates of the current value of all land and buildings at the end of 1986 was some £1,050 billion, 1 per cent. of which amounts to £10.5 billion. Corresponding figures for residential, commercial and industrial property are respectively £6.9 billion, £1.9 billion and £0.3 billion. The figures include property owned by central and local government.