§ Mr. Wigleyasked the Chancellor of the Exchequer what would be the additional revenue produced if the ceiling on advances for house purchase that qualified for income tax relief on the interest payments were set at £8,000, £10,000, £15,000 and £20,000, respectively.
§ Mr. Robert SheldonIt is not possible to make precise estimates, but the order of magnitude of the additional annual revenues would be as follows:
Ceiling on advance: Additional revenue: £ £ million 8,000 100 10,000 50 15,000 5 20,000 1
§ Mr. Dempseyasked the Chancellor of the Exchequer what is the tax concession given to an owner-occupier purchasing on mortgage a house at an estimated cost of £12,000.
§ Mr. Robert SheldonThis depends on the size of the mortgage and the taxable income of the purchaser. At current interest rates, full tax relief in the first year at the present basic rate of tax would be about £39 per £1,000 of mortgage.