§ 47. Sir Anthony Meyerasked the Chancellor of the Exchequer what would be the cost to the Exchequer of taking out of charge to income tax retirement pensioners whose total income is less than half the average male industrial wage.
§ Mr. WakehamIt is estimated that single people aged 65 and over, and married couples with at least one spouse aged 65 and over, whose total income is less than half average earnings for male manual workers are due to pay £150 million income tax for 1982–83. However, in practice, these people could be taken out of tax only by raising the single and married age allowances available to all aged persons to the level of half average male manual earnings; and this would cost £430 million in a full year at 1982–83 income levels. Average earnings for male manual workers are estimated at £140.30 per week for 1982–83.