§ Mr. Meacherasked the Chancellor of the Exchequer what was the total cost to the Exchequer for the last year of mortgage interest tax relief, payable to persons earning respectively less than £1,000 per year, between £1,000 and £2,000, between £2,000 and £3,000, between £3,000 and £5,000, between £5,000 and £10,000, and more than £10,000, respectively.
§ Mr. Patrick JenkinInformation is not available about the mortgage interest relief allowed to mortgagors in particular earnings ranges.
§ Mr. Meacherasked the Chancellor of the Exchequer if the present system of mortgage interest tax reliefs were replaced by a flat rate relief payable to all existing mortgages, at what level this relief would 328W and how this differs from the position on 1st April, 1970, 1968, 1960, 1955 and 1945, respectively.
Mr. Patrick JenkingFollowing are the figures:
differs from the position on 1st April, 1970, 1965, 1960, 1950, and 1945, respectively.
§ Mr. Patrick JenkinFollowing are the figures:
be pitched if the Exchequer were to make neither gain nor loss from the change; and by how much mortgagors would gain or lose who have current earnings of less than £1,000, between £1,000 and £2,000, between £2,000 and £3,000, between £3,000 and £5,000, between £5,000 and £10,000, and more than £10,000 respectively.
§ Mr. Patrick JenkinAs I explained in reply to a Question by the hon. Member for Bolsover (Mr. Skinner) on 18th December, 1970, the average amount of tax relief on mortgage interest for the year 1969–70, the latest year for which figures are available, was £47. I cannot provide estimates on the second part of the Question, for information is not available about the mortgage interest paid by taxpayers in particular earnings ranges.—[Vol. 808, c. 524–5.]