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Mortgage Interest Relief

Volume 116: debated on Wednesday 13 May 1987

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asked the Chancellor of the Exchequer whether he will provide an estimate of the saving to the Exchequer in a full year at the proposed rates of tax for 1987–88 of offsetting investment income against mortgage interest payments for relief from income tax.

The extent of any saving would depend upon the precise rules proposed for offsetting investment income against payments of mortgage interest and, in particular, on the way in which this restriction would impinge on the system of mortgage interest relief at source (MIRAS).

Mortgage Advances by Building Societies
YearAdvances for all purposes net of repaymentsGross advances for all purposesof which: Gross advances for purchase of dwellingsTotal estimated purchase price of dwellings on which advances in C were madeC as A percentage of D
£ million£ million£ million£ millionper cent.


Financial Statistics—Tables 7·6 and 7·8.

Housing and Construction Statistics—Tables 1·9 and 1·13.