§ Mr. Proctorasked the Chancellor of the Exchequer what percentage of all mortgages, upon which tax relief is paid, are under £25,000.
§ Mr. RidleyI shall let my hon. Friend have a reply as soon as possible.
§ Dr. McDonaldasked the Chancellor of the Exchequer if he will estimate the saving in mortgage interest tax relief in(a) the current financial year and (b) a full financial year as a result of the recently announced cut in mortgage rate.
§ Mr. Ridley[pursuant to his reply, 23 November 1982, c. 417]: As a result of the cut in interest rates coming into effect on 1 December, the reduction in mortgage interest relief due for 1982–83 is estimated at £110 million. However, there will be virtually no effect on receipts of tax in the year, because most PAYE codes for 1982–83 will not be altered and relief over allowed for 1982–83 will be recovered mainly in PAYE codes for 1983–84. The effect of the reduction in interest rates for a full year, at 1982–83 income levels, is estimated at £330 million.
602Wdrugs, (b) dressings and appliances and (c) the pharmaceutical services, in family practitioner committee expenditure and in hospital expenditure, respectively, for each financial year since 1971–72.
§ Mr. Geoffrey Finsberg[pursuant to his reply, 24 November 1982, c. 502]: The information, for England, at November 1980 prices is: