§ Mr. Rossiasked the Secretary of State for the Environment what was the average annual cost in 1977 of the tax relief available on an average mortgage provided in that year.
§ Mr. FreesonA mortgagor paying tax at the basic rate, who took out an annuity mortgage of average size—£8,552—400W from a building society on 6th April 1977, will receive approximately £287 in tax relief on mortgage interest during the current tax year. This assumes that the society followed changes in mortgage rates recommended by the Building Societies Association and that there are no further changes in this fiscal year.