§ Dr. McDonaldasked the Chancellor of the Exchequer what would be the saving if (a) all tax reliefs and (b) personal tax allowances were set against the standard rate of tax only.
§ Mr. Moore[pursuant to his reply, 29 November 1984, c. 579]: The cost at 1984–85 levels of income of allowing personal tax allowances at rates in excess of the basic rates of income tax is estimated at about £380 million. Information on the similar cost of other income tax reliefs is available only in respect of mortgage interest, retirement annuity premiums and employees' superannuation contributions; in total it is about £400 million. It is not possible to estimate precisely the combined yield from restricting these reliefs and personal allowances to the basic rate, but it is thought to be about £900 million.