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<p>The number of residential properties in the UK valued at more than £2 million was
estimated before Budget 2012 to be around 55,000.</p><p> </p><p>Before Budget 2012,
an assessment of the average annual payment required from each property above £2 million
in order to raise a net sum of £2 billion per annum was not made.</p><p> </p><p>On
1 July 2013, during Report stage of the Finance Bill, I referred to “a simple calculation
arrived at by dividing £2 billion by 55,000 (an internal HMRC estimate of the number
of properties valued at over £2 million) to give a ‘mean' average of £36,000.”</p><p>
</p><p>A so-called mansion tax would depress stamp duty land tax and inheritance tax
yields. The exact impact would be dependent on the rates and bands chosen.</p><p>
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