Mortgage Interest Tax Relief

HC Deb 27 October 1992 vol 212 cc570-1W

Mr. Hendry

To ask the Chancellor of the Exchequer if he will estimate the revenue forgone to income tax if MIRAS were available at a basic rate of 20 per cent. instead of the present 25 per cent., and the consequent saving.

Mr. Dorrell

The cost of mortgage interest tax relief in 1992–93 is provisionally estimated to be £5.3 billion. If relief were available at 20 per cent. the cost would be about £4.2 billion, a reduction of £1.1 billion.