§ Mr. GibbTo ask the Chancellor of the Exchequer if he will estimate the revenue arising from stamp duty, broken down by each rate, and the proportions raised from(a) transactions in residential property and (b) commercial transactions for (i) 1996–97, (ii) 1997–98, (iii) 1998–99 and (iv) 1999–2000. [77189]
§ Ms Hewitt[holding answer 17 March 1999]: The estimates are as follows.
255W
Net receipts1(£ million) Over £60,000 Proportion of total (%)2 1996–97 Rate of stamp duty 1% — Residential transactions 675 65 Commercial property and land transactions 385 35 Total 1,060 100
Net receipts 1 (£ million) Price band (£000)60–2503 Price band (£000)250–500 Price band (£000)over 500 Price band (£000)Total Proportion of total(%) 2 1999–200 (projected) Rate of stamp duty4 1% 2.5% 3.5% — — Residential transactions 720 310 270 1,300 50 Commercial property and land transactions 40 90 1,170 1,300 50 Total 760 400 1,440 2,600 100 1 Net receipts rounded to nearest £5 million 2 Proportions rounded to nearest 5 per cent. 3 In 1997–98 the 1 per cent, rate applied to transfers of all properties over £60,000 before 8 July 4 Because of time lags, receipts in the first few weeks of the year would relate to transfers charged at the rates which applied in the previous year