Michael Noonan
Question:78 Mr. Noonan (Limerick East) asked the Minister for Finance if he will outline the cost of introducing a tax free allowance for all dependent children at £500 per child at (a) marginal rates and (b) the standard rate only.
Vol. 422 No. 5
78 Mr. Noonan (Limerick East) asked the Minister for Finance if he will outline the cost of introducing a tax free allowance for all dependent children at £500 per child at (a) marginal rates and (b) the standard rate only.
The Revenue Commissioners tentatively estimate that the cost of restoring the allowance at marginal tax rates, at £500 per child, on the basis on which it formerly applied (that is to children under 16 years of age or over 16 years of age and in full-time education) would be in the region of £108 million in a full year. The corresponding cost at standard rate only is estimated at £82 million in a full year.