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Taxation

Volume 447: debated on Tuesday 13 June 2006

To ask the Chancellor of the Exchequer (1) what estimate he has made of the net yield from inheritance tax in each year since 1996-97; and what the forecast for 2006-07 is; (66650)

(2) if he will estimate the revenue collected from (a) stamp duty on property, (b) inheritance tax and (c) council tax in each year since 1996-97; and what his estimate is for (i) 2006-07 and (ii) 2007-08.

Receipts of stamp duty on land and property are shown in the following table.

Receipts of stamp duty on land and property

£ billion

1996-97

1.1

1997-98

1.5

1998-99

2.1

1999-2000

3.2

2000-01

3.7

2001-02

4.1

2002-03

5.0

2003-04

5.0

2004-05

6.3

The figures quoted in the table for the period 1999-2000 to 2004-05 are published in table 15.1 on the HMRC website: http://www.hmrc.gov.uk/stats/stamp_ duty/15_1_sep05.pdf

Figures for future years will depend on estimates of property sales, both residential and commercial.

Receipts of inheritance tax are published in table T1.2 on the HMRC website: http://www.hmrc.gov.uk/stats/tax_receipts/1_2_v2_dec05.pdf

The latest estimates/forecasts for receipts of inheritance tax are set out in table C8 in chapter C of the 2006 Financial Statement and Budget Report on the website: http://www.hm-treasury.gov.uk/media/20F/42/bud06_chc_247.pdf

Council tax receipts net of council tax benefit are shown in the following table.

Net receipts of council tax (2004-05 prices)

£ million

1996-97

10,683

1997-98

11,237

1998-99

12,137

1999-2000

12,911

2000-01

13,760

2001-02

14,456

2002-03

15,337

2003-04

16,938

2004-05

17,592

2005-06

17,978

2006-07

18,231

Forecasts for these taxes are only published for years up to 2006-07, the last year covered in the Budget report.