§ Mr. FabricantTo ask the Chancellor of the Exchequer what assessment he has made of the effect of the changes in tax credit provisions in the Budget on the maturation of with-profits endowment mortgages; and if he will make a statement. [7896]
§ Dawn Primarolo[holding answer 15 July 1997]: The changes to the tax credit provisions should have very little, if any, effect on the maturity benefits from ordinary life assurance policies, including those used to back mortgages. Tax credits are not generally paid to insurance companies in respect of the investments supporting this type of business.