HC Deb 19 December 1986 vol 107 cc738-9W
Mr. Chris Smith

asked the Chancellor of the Exchequer if he will publish in the Official Report a table showing, for the financial year 1986–87, the number of taxpayers in each income group expected to be receiving relief on mortgage interest and the anticipated average relief per mortgagor, together with the assumed rate of interest, in the following income bands; less than £4,000 per year, £4,000, £5,000, £6,000 £7,000, £8,000 £9,000 £10,000, £12,000 £15,000, £20,000, £25,000 and over £30.000 per year.

Mr. Norman Lamont

The information is given in the table. The estimates by income range are based on projections to 1986–87 of information in the 1984–85 survey of personal incomes and the 1985 family expenditure survey. The estimates include mortgages formerly under the option mortgage scheme, now subsumed under MIRAS.

The average rate of interest for 1986–87 is expected to be 11.5 per cent.

Range of total income (£'000) Numbers receiving mortgage relief2 ('000) Average value of relief per mortgagor (£) Total cost of relief (£ million) Percentage of total cost (per cent.)
9 to 10 680 460 310 7
10 to 12 1,160 530 620 14
12 to 15 1,570 550 870 19
15 to 20 1,480 570 850 19
20 to 25 450 630 290 6
25 to 30 300 870 260 6
over 30 350 1,210 420 9
8,200 550 4,500 100
1single persons and married couples
2including about 500,000 non-taxpayers