§ Mr. PriskTo ask the Chancellor of the Exchequer if he will estimate the revenue implication of restructuring stamp duty on residential property sales to charge marginal rates of(a) 0 per cent. on property sales of £120,000 or less, 2 per cent. on sales revenue between £120,000 and £249,999, 5 per cent. on sales revenue between £250,000 and £499,999, 8 per cent. on sales revenue of £500,000 and above, (b) 0 per cent. on property sales of £120,000 or less, 3 per cent. on sales revenue between £120,000 and £249,999, 5 per cent. on sales revenue equal to £250,000, 8 per cent. on sales revenue of £500,000 and above and (c) 0 per cent. on property sales of £120,000 or less, 3 per cent. on property sales between £120,000 and £249,999, 5 per cent. on sales revenue of £250,000 and 7 per cent. on sales revenue of £500,000 and above. [185385]
§ Ruth KellyThe estimated revenue cost, in 2005—06, of restructuring stamp ditty on residential property sales 315W according to the three schemes described in the question is given in the following table:
Price of residential property Tax regime 1 Marginal rates Tax regime 2 Marginal rates Tax regime 3 Marginal rates £0 to £119,999 (percentage) 0 0 0 £120,000 to £249,999 (percentage) 2 3 3 £250,000 to £499,999 (percentage) 5 5 5 £500,000 and above (percentage) 8 8 7 Revenue Cost (£ million) 1,020 430 570 This does not include any allowance for behavioural changes.