asked the Minister for Finance if he will give an estimate of the cost to the Exchequer of raising the personal allowance under the Income Tax Acts from the present level of £6 15s per week to (a) £7 15s, (b) £8 15s, (c) £9 15s and (d) £10 15s.
Ceisteanna—Questions. Oral Answers. - Income Tax Allowance.
47.
Presumably the Deputy has in mind an increase in the income tax single allowance. This allowance, amounting to £249, and the appropriate earned income relief are the main elements of a weekly tax-free allowance of £6 15s for PAYE purposes.
The full-year cost to the Exchequer of increasing the single allowance so as to raise the tax-free allowance from £6 15s per week to £7 15s, £8 15s, £9 15s or £10 15s would, it is estimated, be £6.1 million, £11.8 million, £17.0 million and £21.6 million respectively.