§ Mr. Frank Allaunasked the Chancellor of the Exchequer what would have been the benefit to the Exchequer if tax relief on mortgage interest had all been at the standard rate and not in part at higher rates for 1980–81; and what his estimate of it will be in 1981–82.
§ Mr. Peter ReesThe estimated yield if tax relief on mortgage interest were allowed at the basic rate only is £130 million in a full year at 1980–81 income levels and £140 million at 1981–82 income levels. The 1981–82 figure is calculated on the basis of a 13 per cent. mortgage rate throughout the financial year.