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Mortgage Interest Relief

Volume 933: debated on Monday 13 June 1977

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The figures are as follows:of tax relief on mortgage interest in 1976-77 would have been on the basis of a standard rate of income tax of 30 per cent. and all higher rates at the same levels as at 1st March 1974.

pursuant to his reply [Official Report, 19th May 1977; Vol. 932, c. 278], gave the following information:About £950 million.

asked the Chancellor of the Exchequer how much reduction of mortgage interest by 1 per cent. is likely to save the Government in tax relief in the current financial year.

pursuant to his reply [Official Report, 23rd May 1977; Vol. 932, c. 345-6], gave the following information:Estimates for 1977–78 of the saving in tax relief resulting from a one percentage point reduction in mortgage interest rates are not yet available. However, had the mortgage interest rates during 1976– 77 been one percentage point lower the saving in tax relief would have been about £85 million.