Paul McGrath
Question:263 Mr. McGrath asked the Minister for Finance the estimated cost to the Exchequer of increasing the personal tax credit from the rate of £1,100 to £1,200, £1,300, £1,400 and £1,500. [28766/01]
Written Answers. - Tax Credits.
I am informed by the Revenue Commissioners that the full year costs to the Exchequer, based on projected 2002 incomes, of the increases mentioned by the Deputy are estimated as follows:
Estimated Full Year Cost
|
Increase in Personal Tax CreditSingleMarried |
m |
m |
|
£100 (127)£200 (254) |
178 |
226 |
|
£200 (254)£400 (508) |
351 |
446 |
|
£300 (381)£600 (762) |
519 |
659 |
|
£400 (508)£800 (1,016) |
682 |
866 |
The increases mentioned in the question are assumed to apply in similar measures to single and widowed persons and to include the normal consequential increases in the tax credit for lone parents. Double those amounts are assumed to apply to married couples. These figures are provisional and are subject to revision.