Keeping mortgage interest relief approved

A move to keep tax relief on interest paid on mortgage payments has been approved.

Deputy Aidan Matthews, who brought the amendment to the Budget in Guernsey, said it was currently the "worst possible time" to consider phasing out the tax relief. It also meant that the phased withdrawal of the relief, which was agreed in 2015, would also stop, it was confirmed.

The relief allows homeowners to apply for tax relief on any interest paid on the mortgage of their principle residence of up to £3,500 a year.

Speaking against the move, Deputy Neil Inder said that, while the idea was right in isolation, if all amendments were approved, it would add "£20m to the budget".