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Mortgage Tax Relief

Volume 164: debated on Thursday 21 December 1989

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To ask the Chancellor of the Exchequer what is his estimate of the Exchequer what is his estimate of the number of tax units receiving mortgage interest with investment income; and if he will provided a forecast for 1989–90.

The information requested is in the tables. These estimates are subject to revision.

Tax units receiving mortgage interest relief by range of total income 1988–89

(Thousands)

Range of total income

With no investment income

With investment income

Total

Up to £5,000240280520
£5,000-£ 10,0005901,3801,970
£10,000-£15,0005901,9702,560
£15,000-£20,0003101,5101,820
£20,000-£30,0001601,3501,510
£30,000 +50670720
Total1,9407,1609,100

Tax units receiving mortgage interest relief by range of total income 1989–90

(Thousands)

Range of total income

With no investment income

With investment income

Total

Up to £5,000210240450
£5,000-£10,0004901,1601,650
£10,000-£15,0005301,7902,320
£15,OOO-£2O,O0O3401,6902,030
£20,000-£30,0001901,6801,870
£30,000 +50930980
Total1,8107,4909,300

Estimates of the numbers of tax units receiving mortgage interest relief are based on information from the 1987–88 survey of personal incomes. In the projections to 1988–89 and 1989–90, it is assumed that the proportions of mortgagors in each income range with investment income are the same as those for 1988–89 provided in previous reply to the hon. Member on 29 July 1988 at columns 732–34.