§ Mr. AllenTo ask the Chancellor of the Exchequer what is the total cost of mortgage tax relief(a) for each of the years since 1979 and (b) for each of the last four months or quarters for which figures are available.
§ Mr. LilleyThe total cost of mortgage interest relief for each year since 1979–80 and the monthly repayments to lenders under the mortgage interest relief at source (MIRAS) scheme for July to October 1989 are given in the table. The monthly MIRAS figures exclude the costs of excess over basic rate relief and relief for loans outside the MIRAS scheme.
483W
Annual cost of mortgage tax relief Year £ million 1979–80 1,450 1980–81 1,960 1981–82 2,050 1982–83 2,150 1983–84 2,780 1984–85 3,580 1985–86 4,750 1986–87 4,670 1987–88 14,800 1988–89 15,400 1989–90 127,000 1 Provisional. 2 Assuming current mortgage interest rate.
Monthly repayments under Miras scheme 1989 £ million July 445 August 540 September 460 October 445