asked the Minister for Finance the cost to the Exchequer of increasing the income tax personal allowance by (1) £100 per person, (2) £200 per person, (3) £500 per person and (4) £1,000 per person; the number of taxpayers who would be taken out of the net in each of the above examples; and the cost to the Exchequer of increasing the income tax child allowance by (1) 10 per cent, (2) 50 per cent and (3) 100 per cent.
Written Answers. - Proposed Increase of Income Tax Allowances.
52.
The information requested by the Deputy is as follows:
Increase in income tax personal allowances.
|
Proposed increase |
Estimated full year cost to the Exchequer |
Estimated number of taxpayers who would be taken out of tax net |
|
|
Single/ Widowed |
Married** |
||
|
£ |
£ |
£m |
|
|
100 |
200 |
50 |
5,400 |
|
200 |
400 |
99 |
12,300 |
|
500 |
1,000 |
245 |
36,400 |
|
1,000 |
2,000 |
478 |
90,100 |
**It is assumed that any increase in the single and widowed allowances must be combined with double that increase in the allowance for married persons assessed to tax on the aggregate basis.
Increase in income tax child allowance.
|
Proposed increase |
Estimated full year cost to the Exchequer |
|
£m |
|
|
10 per cent to £110 |
3 |
|
50 per cent to £150 |
15 |
|
100 per cent to £200 |
30 |