§ Mr. Wm. Ross
asked the Chancellor of the Exchequer what tax relief would accrue to a person in Northern Ireland,
Value of income tax relief (a) (b) (c) Year of commencement of mortgage Cost of house Mortgage advance First year Average per annum Total £ £ £ £ £ 1974–75 … … 10,000 5,473 198.70 134.80 2,697.00 1979–80 … … 20,000 10,946 385.80 268.60 5,371.00
The maximum allowable mortgage depends upon the status of the purchaser and the building society's valuation of the property, but these calculations have been822W
§ Mr. Denzil Davies
asked the Chancellor of the Exchequer what progress has been made on the proposed new double taxation convention between the United Kingdom and Italy.
§ Mr. Peter Rees
[pursuant to his reply, 15 November 1979, c. 760]: A new double taxation convention between the United Kingdom and Italy was initialled on 16 April 1977, and is being translated into Italian. Negotiations have recently taken place to amend the proposed new convention to take account of the introduction by Italy since the earlier negotiations of an imputation system of corporation tax.