§ Mr. MacGregorasked the Chancellor of the Exchequer to what level the single and married tax allowances and the different tax allowances should be raised in 1976–77 to maintain their real value, as at the latest available date, compared with the position at April 1975; and what the respective costs of raising these different allowances to the new levels would be.
§ Mr. Robert SheldonOn the basis of the increase in the index of retail prices to February 1976, the main personal tax allowances would need to be as shown below in order to preserve their real
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§ Mr. Robert SheldonThe figures are as follows:
value as at April 1975. The costs shown are the costs of increasing the allowances to the levels shown from their pre-Budget (1975–76) levels.
Allowance New level £ Cost £m. Single/Wife's earned income 783 490 Married 1,108 645 Child: not over 11 278 190 over 11 and not over 16 319 over 16 354 Age allowance: Single 1,102 100 Married 1,653 Additional personal allowance 325 5