§ Mr. Frank Allaunasked the Chancellor of the Exchequer how much tax relief a house purchased would receive on a £15,000 mortgage at 11 per cent. for 25 years paying the highest tax rate and the standard rate, respectively.
§ Mr. Robert SheldonAssuming 1975–76 tax rates throughout and sufficient taxable income to obtain full relief at the appropriate rate, the amounts of tax relief on an annuity mortgage would be as follows:
£ (i) Aat basic rate 10,300 (ii) At the highest rate—income all earned 24,425 (iii) At the highest rate—income all investment 28,840