asked the Minister for Finance the cost of the following concessions in 1988 and in a full tax year: (i) an increase in the PAYE allowance of £100, (ii) an increase in the personal allowance, single £100, married £200, (iii) an increase in the 35 per cent tax band of £100 single, £200 married, (iv) an increase in the 48 per cent tax band of £100 single, £200 married; and if he will make a statement on the matter.
Written Answers. - Tax Concessions.
31.
Following is the information requested:—
|
Proposed Increase |
Estimated cost in 1988 |
Estimated cost in a full year |
|
£m |
£m |
|
|
PAYE Allowance £100 |
21.5 |
35.9 |
|
Personal Allowance |
||
|
— Single£100 |
||
|
— Married £200 |
30.5 |
50.9 |
|
35% rate band |
||
|
—Single £100 |
||
|
— Married £200 |
5.7 |
9.6 |
|
48% rate band |
||
|
—Single £100 |
||
|
— Married £200 |
1.4 |
2.4 |
Note: The estimated cost of the increase in the personal allowances for single and married taxpayers includes the revenue effect of the associated increases in the widowed person's allowance, the widowed parent allowance and the single parent allowance.