§ Mr. Heseltineasked the Secretary of State for the Environment how much would have been paid in annual repayments by someone with a £10,000, 25-year annuity mortgage at the average mortgage rate prevailing between June 1970 and February 1974 at constant prices (a) before tax relief and (b) net of the average basic rate tax relief during that period.
§ Mr. ShoreThe average BSA-recommended mortgage rate between June 1970 and February 1974 was 8.8 per cent. After allowing for earned income relief, the average income tax rate was 30.5 per cent. On this basis the662W annual repayments in the first year of a £10,000, 25-year annuity mortgage would have been (a) £1,002 before tax relief; (b) £734 after tax relief.