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Mortgage Tax Relief

Volume 205: debated on Tuesday 3 March 1992

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To ask the Chancellor of the Exchequer what assessment he has made of the cost of increasing mortgage tax relief for first-time buyers to (i) 40 per cent. and (ii) 50 per cent.

[holding answer 2 March 1992]: On the basis that such a relief would apply only to those buying for the first time after the relief was introduced, the cost of increasing mortgage interest tax relief from 25 per cent. to 40 per cent. for every 100,000 first-time buyers would be about £45 million in a full year. Increasing the relief to 50 per cent. would cost about £75 million for every 100,000 first time buyers.