§ Mr. Robin F. Cookasked the Chancellor of the Exchequer what is his estimate of the amount of tax relief due on ordinary mortgages in the United Kingdom in the current financial year; and what proportion of that is reckoned to be attributable to Scotland.
§ Mr. Denzil DaviesThe forecast cost of income tax relief on mortgage interest for 1976–77 is £1,020 million of which about £40 million relates to Scotland.
§ Mr. Robin F. Cookasked the Chancellor of the Exchequer what is his estimate of the effect on tax relief on ordinary mortgages over a financial year of an increase in the mortgage rate of one-half per cent. and one per cent., respectively.
§ Mr. Denzil DaviesOn the basis of present forecasts, the cost of tax relief on mortgage interest for 1976–77 would be increased by about £50 million and £100 million respectively.
§ Mrs. Wiseasked the Chancellor of the Exchequer (1) what is the loss to the revenue due to mortgage interest relief to persons with net taxable incomes over £4,500.
(2) what is the loss to the revenue due to mortgage interest relief to persons with net taxable incomes of £8,500 per annum and over.
§ Mr. Robert SheldonI regret that in the time available it has not proved possible1074W to collate the information requested and I will write to my hon. Friend.