§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what was the principal reason for the reduction between 1985 and 1986 in the amount allocated by industrial and commercial companies out of income for the payment of United Kingdom taxes.
§ Mr. Norman LamontA reduction in payments of petroleum revenue tax by North sea companies.
38Wrevenue yield from disallowing mortgage interest relief against all investment income in excess of £500 a year gross.
§ Mr. Norman Lamont[holding answer 3 November 1988]: Mortgage interest relief is allowable, up to the limit on relief, against total taxable income. I refer the hon. Member to the reply which I gave him on 29 July 1988 at column 495.