Mortgage Payments (Hansard, 17 January 1992)

§ Mr. Allen
To ask the Chancellor of the Exchequer if he will update the letter on mortgage payments given in his answer of 18 July 1991,Official Report, columns 251–52, and give the information on a monthly basis.

§ Mr. Maude
The current costs net of basic rate tax relief for average new building society mortgages in the second quarter of 1988 are shown in the table.

§ Mr. Norman Lamont
[holding answer 16 January 1992]: The information requested is as follows:

Basic rate of tax Scale charge for a typical company car¹

Per cent. £

1979–80 30 250.00

1984–85 30 480.00

1989–90 25 1,850.00

1991–92 25 2,650.00

709W

£ £ £ £

Income tax charge at basic rate due on car scale charge applicable for:

1979–80 75.00 75.00 62.50 62.50

1984–85 — 120.00 120.00 120.00

1989–90 — — 462.50 462.50

1991–92 — — — 662.50

¹ A typical company car is taken as one which is less than four years old, in the middle range of cylinder capacity (1301 cc to 1800 cc for 1979–80and 1984–85, 1401 cc to 2000 cc for 1989–90 and 1991–92) and with an original market value below the relevant limit (£8,000 for 1979–80, £16,000 for 1984–85 and £19,250 for 1989–90 and 1991–92). It is also assumed that business mileage is between 2,500 and 18,000.

Employers' national insurance contributions on the car scale benefits rates were introduced from 1991–92. The contributions payable in respect of 1991–92 for the car scale benefit rates at levels applicable in 1979–80, 1984–85, 1989–90 and 1991–92 for a typical company car would be £26, £49.92, £192.40 and £275.60 respectively.

	Basic rate of tax	Scale charge for a typical company car¹
	Per cent.	£
1979–80	30	250.00
1984–85	30	480.00
1989–90	25	1,850.00
1991–92	25	2,650.00

	£	£	£	£
Income tax charge at basic rate due on car scale charge applicable for:
1979–80	75.00	75.00	62.50	62.50
1984–85	—	120.00	120.00	120.00
1989–90	—	—	462.50	462.50
1991–92	—	—	—	662.50
¹ A typical company car is taken as one which is less than four years old, in the middle range of cylinder capacity (1301 cc to 1800 cc for 1979–80and 1984–85, 1401 cc to 2000 cc for 1989–90 and 1991–92) and with an original market value below the relevant limit (£8,000 for 1979–80, £16,000 for 1984–85 and £19,250 for 1989–90 and 1991–92). It is also assumed that business mileage is between 2,500 and 18,000.