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Mortgage Interest Relief

Volume 979: debated on Wednesday 20 February 1980

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asked the Chancellor of the Exchequer what would be the tax expenditure savings or cost in 1979–80 if the present system of mortgage interest tax relief were replaced by a fixed amount tax deduction equal in value to 5 per cent. of the purchase price of the taxpayer's house, and if this deduction could be claimed once in a lifetime only,

member State of the EEC in 1978–79 and 1979–80 were as follows:

for a maximum of eight years, and subject to an annual ceiling of £1,250.

I regret that information on which to base an estimate is not available.