§ 48. Mr. BANFIELD (for Mr. JOHN WILMOT)asked the Chancellor of the Exchequer the cost to the Exchequer of restoring the Income. Tax reliefs and allowances to the level in force immediately prior to the emergency Budget of 1931?
Mr. CHAMBERLAINIt is estimated that the restoration of the personal allowances and reliefs to the level obtaining before the second Budget of 1931, which, as I would remind the hon. Member, included an increase in the earned income allowance from one-sixth to one-fifth as well as a decrease in the other main personal allowances, would cost about £26,000,000.