Of course there are two schedules: it is the whole purpose that properties migrate, when they change hands, on to the new schedule. People who are currently occupying a property, if it was acquired before 2000, will be on the old schedule and there will be no change at all. Even in my illustrative table, for most people there will be no change anyway, because although the bands will be different and there will be some losers and some gainers, they will not be very big ones.
On the noble Lord’s very important point about overseas people, I have always believed that one way of dealing with the abuse of the overseas purchase of property should be that British law should be so administered that ownership is not recognised unless the property has been properly registered by the Land Registry in the name of a person. If that happened, people would be very hesitant to acquire expensive property without getting a proper Land Registry entry, because that is the proof of ownership—if you are going to buy something, you want to be absolutely certain who you are buying it from. The noble Lords raises a perfectly valid point which should be dealt with, although it is not dealt with in this Bill.
I think that this is an idea worth pursuing. It may be that we will want to make further amendments on Report—if there is time to do it before the new Session, which is probably rather unlikely—but I think that the Bill is an advance worth making and I therefore ask my noble friend to withdraw his amendment.