HC Deb 30 March 1976 vol 908 c446W
Mr. Wigley

asked 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 Sheldon

It 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. Dempsey

asked 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 Sheldon

This 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.

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