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Bank Interest (Tax Relief)

Volume 981: debated on Monday 24 March 1980

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asked the Chancellor of the Exchequer if he will update the information given on tax relief, bank loan interest, to the hon. Member for Rossendale (Mr. Trippier) Official Report, 26 October 1975, column 167.

asked Precise information about the total tax relief or the relief by range of total income in respect of bank interest for house purchase is not available but the estimated amounts are as follows:

£ million
1975–7660
1976–7775
1977–7855
1978–7960
1979–8080
Assuming for illustrative purposes that the distribution of this relief by income range follows the same pattern as that for building society payments, the estimate for 1979–80 would be distributed as follows:

Range of total incomeRelief
££ million
Under 2,500negligible
2,500–5,00010
5,000–10,00040
10,000–20,00020
Over 20,00010
80