asked the Minister for Finance if he will state in respect of the year 1966-67 if available, and if not for the last available year, the amount by which revenue would have been diminished by the increase of ten per cent in each of the following allowances: (1) the earned income allowance (a) retaining the maximum allowance of £500 and (b) extending the maximum allowance to £600; (2) the age allowance of one-quarter (a) retaining the maximum allowance of £150 and aggregate allowance to £500 and (b) extending the maximum allowance to £200 and income to £750; and (3) the small income relief of one-quarter (a) retaining maximum income of £450 and (b) extending it to £600.
Ceisteanna—Questions. Oral Answers. - Income Tax Allowances.
106.
As the reply is in the form of a tabular statement, I propose, with your permission, a Cheann Comhairle, to have it circulated with the Official Report.
Following is the statement:
|
First year |
Full year |
|
|
£ |
£ |
|
|
1. (a) Current cost of 10 per cent increase in earned income relief of one-quarter subject to maximum allowance of £500 |
2,465,000 |
2,900,000 |
|
(b) Current cost of 10 per cent increase in earned income relief of one-quarter with an increase in the maximum allowance from £500 to £600 |
2,975,000 |
3,500,000 |
|
2. (a) Current cost of 10 per cent increase in age allowance of one-quarter subject to maximum allowance of £150 and to further proviso that aggregate amount of deductions for age allowance and earned income relief is not to exceed £500 |
20,000 |
25,000 |
|
(b) Current cost of 10 per cent increase in age allowance of one-quarter with an increase in the maximum from £500 to £750 in the limit on the aggregate amount of deductions for age allowance and earned income relief |
30,000 |
40,000 |
|
3. (a) Current cost of 10 per cent increase in small income relief of one-quarter subject to income limit of £450 |
10,000 |
15,000 |
|
(b) Current cost of 10 per cent increase in small income relief with an increase in the income limit from £450 to £600 |
70,000 |
100,000 |
107.
asked the Minister for Finance if he will state in respect of the year 1966-67, if available. and, if not, for the last available year. the amount by which tax revenue would have diminished by the increase by £10 in each of the following allowances made for the computation of income tax liability from the existing allowances as stated: (1) (a) a married person from £394, (b) a widower or widow from £259 and (c) a single person from £234; (2) a housekeeper or female relative with care of child from £100; (3) a child from 11 to 16 years of age from £150 and other children from £120; and (4) a dependent ralative or son or daughter maintained to look after an old or informed taxpayer from £60.
As the answer is in the form of a tabular statement, I propose, with your permission, a Cheann Comhairle, to circulate it with the Official Report.
Following is the statement:
|
Allowance |
Estimated current cost of increasing each of the allowances specified by £10 |
|
|
First year |
Full year |
|
|
£ |
£ |
|
|
1. (a) Married allowance (£394) |
400,000 |
470,000 |
|
(b) Widow(er) allowance (£259) |
55,000 |
65,000 |
|
(c) Single allowance (£234) |
1,020,000 |
1,200,000 |
|
2. Housekeeper etc. allowance (£100) |
10,200 |
12,000 |
|
3. (a) Child allowance (£150) |
140,000 |
170,000 |
|
(b) Child allowance (£120) |
300,000 |
350,000 |
|
4. Dependent Relative allowance (£60) |
220,000 |
260,000 |
108.
asked the Minister for Finance if he will state in respect of the year 1966-67 if available, and if not for the latest available year, the amount by which revenue would have been diminished by the increase of the maximum allowance for earned income to (a) £600, (b) £700 and (c) £750.
As the reply is in the form of a tabular statement, I propose, with your permission, a Cheann Comhairle, to have it circulated with the Official Report.
Following is the statement:
|
Current cost of extending earned income relief of one-quarter subject to maximum allowance of— |
|||
|
(a) £600 |
(b) £700 |
(c) £750 |
|
|
£ |
£ |
£ |
|
|
First year |
300,000 |
540,000 |
600,000 |
|
Full year |
500,000 |
900,000 |
1,000,000 |
109.
asked the Minister for Finance if he will state in respect of the year 1966-67 if available and, if not, for the latest available year. the amount by which revenue would have been diminished by the increase in life assurance relief of one-quarter.
It is estimated that the cost on a current basis would be of the order of £300,000 in the first year and £400,000 in a full year.