§ Mr. Rookerasked the Chancellor of the Exchequer what would be the estimated saving if mortgage interest relief were restricted to standard rate of income tax in a similar way to life insurance.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 31st July 1978], gave the following information:
The yield from restricting mortgage interest relief to the basic rate of income tax is estimated at about £95 million for 1978–79. The yield would be rather less if relief were given at the basic rate on interest on which relief is now available only at the lower rate.