Vol. 543 No. 5
261 Mr. J. Mitchell asked the Minister for Finance the gross annual cost to the Exchequer of reversing the measures introducing individualis ation contained in the Finance Act, 2000; and the totals for the separate components of it. [27635/01]
If the bands as they existed prior to the Finance Act, 2000, were restored, i.e. to £14,000 for single and widowed persons and £28,000 for all married couples, this would provide additional revenue to the Exchequer of £909 million in a full year based on projected 2002 incomes. Following is a breakdown of the estimated yield:
Married one earning couples:
£33 million – 42 million
Married two earning couples:
£332 million – 421 million
Single/Widowed:
£544 million – 691 million
If, however, the Deputy has in mind to increase the current married one earning band to the same level as the current married two earning band then the cost would be approximately £333 million in a full year based on projected 2002 incomes. Following is a breakdown of the estimated cost:
Married one earning couples:
£270 million – 343 million
Married two earning couples:
£63 million – 80 million
