Tax Levels

Treasury written question – answered on 14th June 2005.

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Photo of Charles Walker Charles Walker Conservative, Broxbourne

To ask the Chancellor of the Exchequer what assessment he has made of levels of taxation applied to property in (a) the UK, (b) continental Europe and (c) USA; and if he will make a statement.

Photo of Ivan Lewis Ivan Lewis The Economic Secretary to the Treasury

Measures introduced in Budget 2005 mean that 89 per cent. of property transactions pay either no or 1 per cent. stamp duty land tax and the vast majority—currently around 94 per cent—of estates will continue to pay no inheritance tax. The Government have also stated that gains arising on disposal of a principal private residence will continue to be exempt from capital gains tax.

International comparisons of taxes for each sector of the economy using published data (for example from the OECD) can be misleading, because similar taxes in two countries may be classified as falling on different bases. However the level of property taxation has remained broadly constant in the UK, EU15 and the USA since the 1960s.

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