§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer what is his estimate of the cost of mortgage interest tax relief for the financial year 1995–96. [22275]
§ Sir George Young[holding answer 2 May 1995]: In 1995–96, the estimated total cost of mortgage interest relief is about £2.8 billion.
This figure is based on the assumption, by convention, of no change from the current estimated average building society interest rate of 8.1 per cent. The rate of relief is 15 per cent.