§ Mr. George Cunninghamasked the Chancellor of the Exchequer what tax relief, at basic rate only, would be provided in each of the first 10 years in respect of a house loan of £8,000 assuming an interest rate of 11 per cent. gross and repayment of capital over 25 years, by a formula causing gross interest and capital repayment to be a constant figure each year.
§ Mr. Robert SheldonThe figures are as follows:
109W
Year Tax relief at basic rate (£) 1 … … … … 308 2 … … … … 305 3 … … … … 302 4 … … … … 299 5 … … … … 295 6 … … … … 291 7 … … … … 287 8 … … … … 282 9 … … … … 276 10 … … … … 270 Total … 2,915 For the purpose of the calculations it has been assumed that the mortgage commenced on 6th April 1975 and that the basic rate of tax proposed for 1975–76 remains in force throughout.
§ Mr. Dunnettasked the Chancellor of the Exchequer if he will now increase the present limit of £13,000 above which loans made by building societies are treated as special advances.