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Mr. Dorrell
asked the Chancellor of the Exchequer what would be the revenue effect in 1980–81 of reducing the ceiling up to which mortgage interest is tax allowable from £25,000 to £20,000
Mr. Peter Rees
I regret that the information is not available.
Mr. Dorrell
asked the Chancellor of the Exchequer what would be the revenue effect in 1980–81 of making mortgage interest allowable against standard rate income tax only.
Mr. Peter Rees
The estimated yield in a full year at 1979–80 income levels would have been about £100 million. The effect for 1980–81 would depend on income levels and interest rates, as well as income tax allowances and rates, in that year.