Mortgage Interest Relief

HC Deb 20 February 1980 vol 979 cc239-40W

Mr. Ralph Howell

asked the Chancellor of the Exchequer what would be the tax expenditure savings or cost in 1979–80 if the present system of mortgage interest tax relief were replaced by a fixed amount tax deduction equal in value to 5 per cent. of the purchase price of the taxpayer's house, and if this deduction could be claimed once in a lifetime only,

member State of the EEC in 1978–79 and 1979–80 were as follows:

for a maximum of eight years, and subject to an annual ceiling of £1,250.

Mr. Peter Rees

I regret that information on which to base an estimate is not available.