§ Lord VAIZEYasked Her Majesty's Government:
Whether they will estimate the loss of revenue resulting from the exclusion from taxation of the annual rental value of owner occupied housing.
§ The MINISTER of STATE, PRIVY COUNCIL OFFICE (Baroness Birk)If income tax were charged upon the net annual value of owner occupied housing, on the basis of the figures of imputed rent in the National Accounts for 1977–78, the maximum additional yield is estimated to be in the region of £1,500 million. 1729WA However, expenditure on repairs, if allowable on the basis in force for Schedule A in the past, would be likely to exceed the allowance made in the National Account figures and would reduce the yield. An estimate for 1978–79 is not expected to differ significantly from that for 1977–78.