Taxation: House Credit

House of Lords written question – answered on 6th April 2010.

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Photo of Lord Elton Lord Elton Conservative

To ask Her Majesty's Government whether they will introduce a tax regime for the house credit market in which interest charged at rates of 100 per cent or above is liable to tax at 100 per cent or above.

Photo of Lord Myners Lord Myners Parliamentary Secretary, HM Treasury

The Office of Fair Trading (OFT) is reviewing the high-cost credit market, and potential measures to improve its regulation, including caps on interest rates. The Government will respond to the OFT's recommendations when the results of this review are published.

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