Mortgage and Life Assurance Relief

HC Deb 20 July 1976 vol 915 c437W

Mrs. Chalker

asked the Chancellor of the Exchequer what would be the Exchequer saving if mortgage interest relief and life assurance relief were paid only at the standard tax rate for 1975–76.

Mr. Robert Sheldon

If relief for mortgage interest payments for 1975–76

						1975–76	1976–77
						£ million	£ million
(a) single personal allowance	…	…	…	…	…	2,180	2,480
(b) married allowance	…	…	…	…	…	4,210	4,780
(c) child allowance: not over 11 years.	…	…	…	…	…	770	930
(d) child allowance: 11 and not over 16.	…	…	…	…	…	380	450
(e) child allowance: over 16 years	…	…	…	…	…	100	130
(f) additional personal allowance	…	…	…	…	…	30	40
(g) family allowance claw back	…	…	…	…	…	-110	-110

These estimates represent the additional revenue resulting from withdrawing each allowance individually. Abolition of family allowance clawback would result in a reduction in tax revenue.