§ Mr. Nobleasked the Chancellor of the Exchequer what has been the level of annual tax relief granted on bank loan interest for house purchase loans and for other purposes, respectively, for each year since 1960; and how much has been received each year by taxpayers according to broad income levels.
§ Mr. Robert SheldonFull information is not available, but from 1964–65 onwards total tax relief in respect of bank interest for house purchase is estimated as follows:
£ million 1964–65 5 1965–66 6 1966–67 6 1967–68 6 1968–69 7 1969–70 8 1970–71 8 1971–72 7 1972–73 15 1973–74 24 1974–75 31 Assuming for illustrative purposes that the distribution of this relief by income range follows the same pattern as that for building society interest payments, the estimate for 1974–75 would be distributed as follows:
Total Net Income Relief £ £ million below 2,000 3.5 2,000–3,000 9.0 3,000–5,000 12.0 5,000–10,000 5.0 10,000 and over 1.5 31.0 Total net income is as defined on page 41 of Inland Revenue Statistics 1975.