Homeowners £10bn worse off than in 1994

Twelve years ago, tax relief on mortgage interest and income support paid to home-owners outweighed their payments of Stamp Duty and inheritance tax (IHT) to the extent that they were net 'gainers' from the government to the tune of £2.6bn. But, says the CML, by last year tax relief on mortgage interest had been abolished and the amount home-owners paid in Stamp Duty and IHT had risen so steeply it dwarfed the amount they received in income support by £7.5bn. While exact figures on the amount of IHT paid on property are not available, the CML estimates the amount of tax paid on residenti...