Skip to main content

Taxation

Volume 976: debated on Tuesday 18 December 1979

The text on this page has been created from Hansard archive content, it may contain typographical errors.

asked the Chancellor of the Exchequer whether he will circulate in the Official Reporta table showing for each band in the taxation

Estimated number of tax units liable to tax
Range of total income in 1979–80Total '000Proportion claiming mortgage interest relief Per cent.Average per mortgagor of mortgage interest qualifying for relief (£)Average per mortgagor of additional qualifying interest, net of tax relief, for 1 per cent. increase in interest rates (£)
Under 2,0001,600146035
2,000–10,00018,0002473040
10,000–12,000800601,05055
12,000–16,000600621,25065
16,000–20,000200581,58070
Over 20,000200492,25080
All ranges21,4002583045
The average amount of mortgage to which the mortgage interest shown relates is not known precisely.The interest rates recommended by the council of the Building Societies Association tend to be among the lowest rates charged on new mortgages. When the Government came into office the recommended rate was 11¾per cent. and the prospective rate from January 1980 is 15 per cent. In January 1976 the recommended rate was 11 per cent., and subsequent changes in the rate are given below together with the dates thereof.
per cent.
April 197610½
October 197612¼
April 197711¼
June 197710½
September 1977
January 1978 8
June 1978
November 197811¾
January 198015