Bernard J. Durkan
Question:111 Mr. Durkan asked the Minister for Finance if he will outline the cost, in terms of revenue foregone to the Exchequer, of an extra £720 to each taxpayer; and if he will make a statement on the matter.
Written Answers. - Taxation Revenue.
Presumably the Deputy's question envisages an increase of £720 in the personal income tax allowance for a single person and £1,440 for a married couple.
The estimated full year cost to the Exchequer arising from these changes is £321 million. This includes the estimated revenue effect of associated increases in the widowed person's allowance, the widowed parent allowance and the single parent allowance.
The cost figure is provisional and is estimated by reference to the 1992-93 income tax year.