§ Mr. Dorrellasked the Chancellor of the Exchequer what would be the revenue effect in 1980–81 of reducing the ceiling up to which mortgage interest is tax allowable from £25,000 to £20,000
§ Mr. Peter ReesI regret that the information is not available.
§ Mr. Dorrellasked the Chancellor of the Exchequer what would be the revenue effect in 1980–81 of making mortgage interest allowable against standard rate income tax only.
§ Mr. Peter ReesThe estimated yield in a full year at 1979–80 income levels would have been about £100 million. The effect for 1980–81 would depend on income levels and interest rates, as well as income tax allowances and rates, in that year.