§ Mr. Andrew BowdenTo ask the Chancellor of the Exchequer if he will bring forward proposals in the Finance Bill to increase the tax relief limit on mortgage annuity schemes for older people.
§ Mr. Andrew BowdenTo ask the Chancellor of the Exchequer how many older people are currently benefiting from tax relief on mortgage annuity schemes.
§ Mr. MaudeInformation on the number of outstanding home annuity loans qualifying for tax relief is not available and a reliable estimate could be provided only at disproportionate cost. About 2,000 new home annuity loans qualifying for tax relief were taken out in 1990–91.
§ Mr. Andrew BowdenTo ask the Chancellor of the Exchequer what representations he has received concerning the £30,000 limit on mortgage interest tax relief for loans used by older people to purchase annuity schemes.
§ Mr. MaudeMy right hon. Friend the Chancellor of the Exchequer has received a number of representations.
§ Mr. Andrew BowdenTo ask the Chancellor of the Exchequer what steps he has taken to encourage older people to raise money against their homes.
§ Mr. MaudeThere are various schemes on the market for those wishing to release equity in their homes. They include interest-only mortgages, home income plans, home reversion schemes, investment bond schemes and roll-up loans.
§ Mr. Andrew BowdenTo ask the Chancellor of the Exchequer whether he has estimated the cost of raising the tax relief limit for mortgage annuity schemes for older people, from £30,000 to £60,000.
§ Mr. MaudeA reliable estimate is not available and could be provided only at disproportionate cost.