New Clause 9 — Lower rate of tax and mansion tax

Part of Finance Bill (Ways and Means) – in the House of Commons at 6:15 pm on 1st July 2013.

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Photo of David Gauke David Gauke The Exchequer Secretary 6:15 pm, 1st July 2013

Short of showing the workings, £2 billion divided by 55,000 is £36,000. The hon. Gentleman says that there would be different bands, but we would still end up with an average of £36,000. He will also find that most of the properties worth more than £2 million are worth only slightly more—between £2 million and £3 million. He will not find huge numbers of properties worth between £5 million and £10 million and so on. He has all the numbers he needs. I think that we can move on to the next debate.