HC Deb 16 November 1989 vol 160 cc482-3W
Mr. Allen

To 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. Lilley

The 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.

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

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