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Mortgage Interest Relief

Volume 22: debated on Friday 23 April 1982

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asked the Chancellor of the Exchequer whether he will bring up to date the information on mortgage interest qualifying for relief as shown in the reply dated 18 December 1979, Official Report, c. 133–4, to the hon. Member for Grimsby.

Information on the numbers receiving mortgage interest relief was supplied to the hon. Member in my reply of 20 April—[Vol. 22, c. 62]. Estimates for 1982–83 of the average amount of qualifying interest and the average additional net cost of a percentage point increase in interest rates are given below.

Mortgage interest 1982–83
Range of total incomeAverage per mortgagor of mortgage interest qualifying for reliefAverage per mortgagor of additional qualifying interest, net of tax relief, for a percentage point increase in interest rates
£££
Under 5,00079545
5,000– 7,50095050
1,500–10,0001,06055
10,000–12,0001,10055
12,000–15,0001,21065
15,000–17,0001,44075
17,000–20,0001,55070
20,000–30,0001,89080
over 30,0002,25070
All ranges1,15060