§ Mr. Woodallasked the Chancellor of the Exchequer what is the estimated amount of income tax from interest on loans for the purchase or improvement of owner-occupied property in the financial year 1980–81.
§ Mr. Peter ReesAny profits made by institutions which receive interest from loans on property are 545W chargeable to corporation tax, not income tax. Building societies account for the income tax at the basic rate due from their investors on interest paid to them. The amount of tax so paid in 1980–81 is estimated to be about £1,400 million.