§ Mr. Austin Mitchell
asked the Chancellor of the Exchequer if he will estimate the cost in the present and in the next financial year of mortgage interest relief at the standard and at higher rates of tax.
§ Mr. Moore
The cost of mortgage interest relief in 1984–85 is estimated to be about £3.5 billion including about £180 million at rates in excess of the basic rate. It would be premature to provide an estimate for 1985–86, since the cost will depend on the amounts of mortgage lending and interest rates as well as on the 1985–86 income tax rates and bands.