§ Mr. Gouldasked the Chancellor of the Exchequer if he will publish in the Official Report the total amount granted in tax relief on mortgage interest for each year since 1960 (a) in 1975 prices and (b) as a percentage of gross national product.
§ Mr. Robert SheldonThe figures are as follows. Column (a) gives the cost of tax relief in the year increased by the ratio of the average retail price index in calendar year 1975 to the average for the year in question. Column (b) gives the actual cost of tax relief (not so increased) as a percentage of gross national product.
TAX RELIEF ON MORTGAGE INTEREST PAYMENTS At 1975 prices (a) Percentage of GNP (b) £ million 1960–61 191 0.30 1961–62 197 0.30 1962–63 190 0.29 1963–64 224 0.32 1964–65 263 0.36 1965–66 308 0.42 1966–67 341 0.46 1967–68 387 0.50 1968–69 397 0.51 1969–70 456 0.57 1970–71 515 0.63 1971–72 512 0.60 1972–73 563 0.63 1973–74 692 0.75 1974–75 794 0.85 The figures for 1970–71 onwards have been revised downwards slightly to take 138W account of revised estimates of total mortgage interest payments. The actual figure for tax relief in 1974–75 is now put at £670 million compared with an earlier estimate of £700 million.