§ Mr. Matthew TaylorTo ask the Chancellor of the Exchequer if he will estimate the annual revenue yield from increasing stamp duty rates on properties selling at(a) £500,000 and over and (b) £1 million and over, by 1 per cent. from existing levels in each case. [106506]
§ Miss Melanie Johnson[holding answer 24 January 2000]: The 1999 Pre-Budget Report projection of stamp duty yield from land and property transactions was £3.2 billion for 2000–01. The estimates of extra revenue that would be raised from increasing the existing rate of duty of 3.5 per cent. to 4.5 per cent. are given in the table below:
£ million Increasing rate on: Estimated yield Properties over £500,0001 (including those over £1 million) 400 Properties over £1 million1 300 1 Land and property including both residential and commercial