To 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]
[holding answer 17 March 1999]: The estimates are as follows.
| 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)60–250 3
| 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 | |||||