§ 61. Mr. McKayasked the Chancellor of the Exchequer what is the extra annual loss of revenue due to the recent exemption from Income Tax of the income of single persons over 65 up to £275, and the exemption of the income of married couples, where one person is over 65, up to £440, over and above the loss arising from the ordinary personal allowances for people of all ages.
§ Sir E. BoyleThe present cost of the age exemption provisions is about £4 million, of which £1 million is the cost of the associated marginal relief.
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§ 62. Mr. McKayasked the Chancellor of the Exchequer what would be the loss of revenue if single persons were all exempt from Income Tax up to £275 and all married couples were exempted up to £440.
§ Sir E. BoyleTo exempt incomes of single persons up to £275 and of married couples up to £440 leaving the tax on incomes above these limits unchanged would cost nearly £10 million.