Historically, 1 per cent of transactions accounted for 28 per cent of non-residential LBTT revenue, meaning total tax revenue is sensitive to a small number of high value transactions. 31 Figure 3.22: Decomposition of December 2021 non-residential LBTT forecast error for 2022-23 Errors from more overall transactions and lower than expected price growth offset one another December 2021 Forecast 226 +13 More overall transactions 226 Lower prices 226 -13 -7 Fewer high-value transactions 219 Other 219 +1 Outturn 220 0 50 100 150 200 250 £ million Description of Figure 3.22: Decomposition bar chart shows major component of difference between forecast and outturn is that the number of high-value transactions was lower than forecast.