§ Mr. Frank Allaunasked the Chancellor of the Exchequer what is the approximate tax relief granted to a house buyer taking out a £30,000 mortgage, paying interest at 9½ per cent., who is paying income tax at the highest rate.
§ Mr. NottThe total tax relief will depend on the terms of the mortgage, for example, whether regular repayments are to be made and, if so, over what period. A taxpayer with sufficient income liable at the highest tax rate of 90 per cent. will receive tax relief equal to 90 per cent. of the interest he pays.