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| Version 0 | Version 1 |
|---|---|
| MPs to repay taxpayer-funded home profits | MPs to repay taxpayer-funded home profits |
| (about 13 hours later) | |
| MPs will return hundreds of thousands of pounds of profits they made from taxpayer-funded homes, Parliament's spending watchdog has announced. | MPs will return hundreds of thousands of pounds of profits they made from taxpayer-funded homes, Parliament's spending watchdog has announced. |
| The Independent Parliamentary Standards Authority (Ipsa) will publish details of repayment deals it has reached with 70 politicians on Thursday. | The Independent Parliamentary Standards Authority (Ipsa) will publish details of repayment deals it has reached with 70 politicians on Thursday. |
| It moved to ban the use of Commons expenses to pay mortgage interest in May 2010. | It moved to ban the use of Commons expenses to pay mortgage interest in May 2010. |
| The repayments relate to transitional arrangements put in place. | The repayments relate to transitional arrangements put in place. |
| These allowed MPs elected before 2010 to keep claiming the money up to last August, as long as they agreed to return any potential capital gain. | These allowed MPs elected before 2010 to keep claiming the money up to last August, as long as they agreed to return any potential capital gain. |
| Some 71 received an estimated £1m in allowances for mortgage interest during the period. | Some 71 received an estimated £1m in allowances for mortgage interest during the period. |
| 'Hardship' | 'Hardship' |
| The properties were formally valued at the beginning and the end of the period, and the MPs were given until 30 November last year to repay the difference. | |
| Ipsa said it would consider a longer repayment schedule - possibly extending to 2015 - if returning cash quickly would "create hardship". | Ipsa said it would consider a longer repayment schedule - possibly extending to 2015 - if returning cash quickly would "create hardship". |
| But the process was delayed when a number of MPs signalled they were considering a legal challenge on the grounds that the watchdog had exceeded its powers. | But the process was delayed when a number of MPs signalled they were considering a legal challenge on the grounds that the watchdog had exceeded its powers. |
| Repayment deals are now thought to have been struck with 70 of the MPs, with only one case still to be settled. | Repayment deals are now thought to have been struck with 70 of the MPs, with only one case still to be settled. |
| Ipsa is expected to release details of how much each politician owes, and how they will return the money. | Ipsa is expected to release details of how much each politician owes, and how they will return the money. |
| The total is believed to run into hundreds of thousands of pounds, as property prices in central London increased after the election. | The total is believed to run into hundreds of thousands of pounds, as property prices in central London increased after the election. |