Mortgage interest relief line softened by T&R minister
Wednesday 21st November 2012, 10:00AM GMT.
TREASURY and Resources could reconsider its position on scrapping mortgage interest relief if a review it will carry out on personal taxes, allowances and duties provides ‘compelling evidence’ against it, minister Gavin St Pier has said.
Deputy St Pier’s statement, issued late last night, backtracked on comments he made in an interview with the Guernsey Press, which appeared in yesterday’s edition.
In those comments, when asked to respond to Treasury board member Deputy Mark Dorey’s radio phone-in statement that the intention to phase out was simply ‘an idea’, Deputy St Pier said the board’s view was ‘settled’ on scrapping the relief.
But following a board meeting yesterday, which stretched into the evening, Deputy St Pier, pictured, attempted to ease concern over the department’s intentions.
He said the only proposition on the issue contained in the 2013 Budget would, if approved, see tax relief provided for interest payable on mortgages of up to £350,000 – down from £400,000. This would take effect from 1 January 2014.