Details of capital gain incurred by Jeremy Hunt MP

Request

My MP, Jeremy Hunt, following the sale of his taxpayer funded Farnham home on December 22nd 2014, says that he has returned the capital gain arising. Under the FOI act, please provide how much was repaid, when this payment was made, plus the calculations the repayment was based on.

Response

By way of background, IPSA abolished the mortgage interest subsidy, previously available to MPs, when introducing the new Scheme for MPs’ Business Costs and Expenses in 2010. The new Scheme contained transitional arrangements for returning MPs, including a process to recoup for the taxpayer an appropriate level of any capital gain made for MPs who made claims for mortgage interest.  These arrangements expired in August 2012.

Mr Hunt did not make any claims for mortgage interest subsidy from IPSA and is not therefore required to repay to IPSA any capital gain for the property he owns. IPSA does not therefore hold the information that you have requested.

Ref:
F1415-142
Disclosure:
24 February 2015
Categories:
MORTGAGE INTEREST
Exemptions Applied:
None