§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer if he will make a statement on mortgage interest tax relief. [59444]
§ Dawn PrimaroloMortgage interest relief for home purchase is given for interest paid on a loan used by the borrower to buy their only or main residence. Relief is currently given at the rate of 10 per cent. and is limited to the interest on a loan of £30,000.
Mortgage interest relief for certain home income plans is given for interest paid on a loan used by an elderly person to buy a life annuity. Relief is currently given at the basic rate of tax and is limited to the interest on a loan of £30,000.