§ Mr. McCrindleasked the Chancellor of the Exchequer if he will set up an inquiry into the extent to which building society advances, subject to tax relief, are used for the purchase of consumer goods; and if will he make a statement.
§ Mr. Ian StewartNo. The National Audit Office reported the results of an intensive examination of the Inland Revenue's operation of the MIRAS scheme earlier this year. In any case, building society advances are generally eligible for tax relief only if they are used for the purchase or improvement of the borrower's main residence. The NAO report showed that compliance check by the Inland Revenue revealed that only a very small proportion of loans had been receiving relief to which the borrower was not entitled.