§ Mr. Walter Johnson
asked the Chancellor of the Exchequer how much tax relief is given to people purchasing their own homes on a mortgage with a salary of £8,000 per annum married with two children and buying a £20,000 house.
§ Mr. Robert Sheldon
This depends on the size of the mortgage. At current interest rates, the tax relief in the first year would be approximately £50 per £1,000 of mortgage. The relief in future years would depend on the terms of the mortgage and on future levels of interest rates, tax rates and allowances, and incomes.