§ Mr. Trotterasked the Chancellor of the Exchequer whether, during the year to April 1975, a taxpayer who obtains a loan which he uses to repay an overdraft existing at 26th March 1974, which had been incurred on expenditure in purchasing or improving his residence, will obtain relief for the interest on such a loan in computing his tax liability for subsequent years.
§ Dr. Gilbertpursuant to his reply [OFFICIAL REPORT, 26th June], gave the following information:
I would refer the hon. Gentleman to what I said in the Finance Bill debate on 18th June.—[Standing Committee A, c. 155–56.] Under the Finance Bill provisions interest on a loan which replaces 510W an overdraft qualifying for relief, in the particular circumstances mentioned, would be eligible for relief so long as the overdraft was repaid before 6th April 1975. The property must be the borrower's only or main residence and the new loan must satisfy the other conditions for relief in the Finance Bill.