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Stamp Duties

Volume 458: debated on Thursday 22 March 2007

To ask the Chancellor of the Exchequer (1) what proportion of home buyers in 1996-97 paid (a) nought and (b) 1 per cent. stamp duty; (128641)

(2) what proportion of home buyers in the last year for which figures are available paid (a) nought, (b) one, (c) three and (d) 4 per cent. stamp duty.

The following table gives the estimated numbers and percentage of residential property transactions in England and Wales falling into each stamp duty band in 1996-97. Figures for the UK are not available for this year.

Price range (£)

Stamp duty rate (percentage)

Number of residential property transactions (000)

Percentage of residential transactions

0 to 60,000

0

698

59

60,001 +

1

482

41

The following table gives the estimated percentage of residential property transactions in the UK falling into each stamp duty band in 2005-06:

Stamp duty land tax rate (percentage)

Number of residential property transactions (000)

Percentage of residential transactions paying tax at rate

0

784

48

1

640

39

3

179

11

4

39

2

The 0 per cent. band includes residential transactions involving considerations over £120,000 which were relieved from stamp duty land tax due to disadvantaged area relief.