Stamp Duty

Treasury written question – answered on 14th March 2005.

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Photo of Ms Annabelle Ewing Ms Annabelle Ewing Spokesperson (Social Security (SNP Shadow Scottish Minister); Education & Skills; Home Office; Law Officers; Work & Pensions)

To ask the Chancellor of the Exchequer pursuant to the answer of 7 March 2005, Official Report, column 1519W, on stamp duty, if he will estimate the revenue impact for the UK; for what reasons a reliable estimate cannot be made for countriesand regions of the UK; and if he will make a statement.

Photo of Stephen Timms Stephen Timms The Financial Secretary to the Treasury

The cost of raising the stamp duty threshold for residential properties to £100,000, £120,000 and £150,000 in each of the next five years is estimated for the UK in the following table:

Threshold 2005–06 2006–07 2007–08 2008–09 2009–10
£100,000 150 140 130 130 130
£120,000 270 260 240 260 230
£150,000 480 460 450 520 480

Projections are based on the number and value of residential and commercial transactions, derived from the Survey of Property Transactions in England and Wales, projected to the required year, in line with the pre-Budget 2004 forecast for price and volume trends. By comparing UK stamp duty receipts with England and Wales survey estimates in historic years it is possible to derive projections for the UK. However forecast trends for price and volume are not produced for countries and regions of the UK to enable production of reliable stamp duty projections at the sub UK level.

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