Fiscal policy has left home-owners more than £10bn a year worse off than they were in 1994, according to the Council of Mortgage Lenders (CML).
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...
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