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Mortgage Interest Tax Relief

Volume 228: debated on Monday 12 July 1993

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To ask the Chancellor of the Exchequer if he will list his estimates by range of income for (a) 1992–93 and (b) 1993–94 of the number of tax units receiving mortgage interest tax relief, the average value per mortgagor and the total cost of the relief.

The estimates are shown in the tables. The figures for 1993–94 are based on the conventional assumption of no further changes in interest rates.

Mortgage interest relief by range of total income1
Range of total income1 (lower limit)Number of single people or married couples bene-fiting from mortgage interest reliefAverage mortgage interest reliefCost of mortgage interest relief
£thousands££ million
1992–93
0840410340
5,0001,130460520
10,0002,6705101,360
15,0002,4005601,340
20,0001,050570600
25,000510590300
30,000610610370
40,000590630370
Total9,8005305,200
1993–94
0840370310
5,0001,120380420
10,0002,5404101,050
15,0002,3304501,050
20,0001,220460560
25,000570460260
30,000640500320
40,000640510330
Total9,9004304,300
1 Total income of husband for married couples.