The Land Transaction Tax Rate

Part of 2. Questions to the Minister for Finance and Trefnydd – in the Senedd at 3:06 pm on 26 June 2019.

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Photo of Mark Reckless Mark Reckless Conservative 3:06, 26 June 2019

Gosh. Well, I shall try and contain my excitement in looking forward to seeing these numbers tomorrow—thank you for letting us know that. What I will ask, though, is: the Minister or her predecessor has increased the rate for properties over £1 million in the commercial sector from 5 per cent to 6 per cent, and that sort of increase of a fifth will not lead to higher revenues if the base of transactions falls by a similar amount or more. And I've been concerned that, at least in the early quarterly data, there is evidence that that has happened. Could I ask, going forward—and there will be interaction with the Office for Budget Responsibility around what the forecasts are going to be, as we discussed earlier—will Welsh Government, in the interests of transparency and accountability, publish what the forecast tax take is for each of the bands for both residential and non-residential LTT?