The point that I was trying to make on that is that, for many people already on the register, there would probably be very little difference in bands, because they would have bought their property before the big explosion. To be honest, I think that the people who had just bought a property at a huge price would be among those who I would be content to pay a much higher tax. So, yes, of course it would apply. Indeed, from now on until this measure comes into force, which I hope that it will, people will be able to say to themselves, “Well, if this comes into force, it will do so on the price that I am paying now”. Therefore, people can take it into account. I do not feel that the oligarch who bought a £20 million house in Smith Square with his jacuzzi and swimming pool can really have an enormous amount to complain about if he pays £42,000 rather than £3,000 in council tax. I think that he will be very pleased to be living in this country, with all the benefits that go with it, compared to his own country, perhaps, and pleased to pay that small ticket.
Most of these points need to be dealt with in Committee, but I would just say to my noble friend Lord True that yes, indeed, prices of houses are registered when ownership is transferred—and, indeed, death is a transfer. The valuation made in that case is, of course, made by a valuer. But the number of dwellings transferred at death are very few compared to those transferred by market transactions, so a valuation is required then. That value is often argued about with the capital taxes office, and all the rest.