§ Mr. Roderickasked the Chancellor of the Exchequer what is the cost to the Exchequer of marginal relief in the taxation of income received by pensioners; and how many persons benefit from it at present.
§ Mr. NottThe estimated cost of marginal age exemption is about £14 million; about 500,000 persons—counting married couples as one unit—benefit.
§ Mr. Roderickasked the Chancellor of the Exchequer what is the cost to the Exchequer of age exemption; and how many persons benefit from it at present.
§ Mr. NottThe estimated cost of age exemption is about £6 million; about 300,000 persons—counting married couples as one unit—benefit.
§ Mr. Roderickasked the Chancellor of the Exchequer what is his estimate of the cost to the Exchequer of exempting from tax the first £100, £300 and £500 per annum, respectively, of investment income received by retired persons; and what would be the estimated administrative costs involved.
§ Mr. NottThe cost to the Revenue in a full year would be £40 million, £95 million and £140 million, respectively. As regards administrative costs, preparatory work would cost about 200 men-years in each case, and the annual cost thereafter would be about 20, 40 and 50 staff units respectively.
§ Mr. Roderickasked the Chancellor of the Exchequer what is his estimate of the cost to the Exchequer of changing age 255W exemption to raise the tax threshold for married pensioners to £1,100, £1,300, £1,500 and £1,800 per annum, respectively; how many pensioners would benefit; and what would be the average amount of benefit in each case.
§ Mr. NottThe estimates are as follows:
Proposed threshold Estimated cost Numbers benefiting Average benefit £ £m. 000 £ 1,100 14 390 36 1,300 43 550 78 1,500 67 610 110 1,800 96 700 137 The costs and numbers include the effects of the consequential changes in the marginal age exemption arrangements as well as those of the changes in the age exemption thresholds.
§ Mr. Roderickasked the Chancellor of the Exchequer what is his estimate of the cost to the Exchequer of changing age exemption to raise the tax threshold for single pensioners to £800, £1,000, £1,200 and £1,500 per annum, respectively; how many pensioners would benefit; and what would be the average amount of benefit in each case.
§ Mr. NottThe estimates are as follows:
Proposed threshold Estimated cost Numbers benefiting Average benefit (£) (£m.) ('000s) (£) 800 14 520 27 1,000 56 840 67 1,200 96 970 99 1,500 136 1,020 133 The costs and numbers include the effects of the consequential changes in the marginal age exemption arrangements as well as those of the changes in the age exemption thresholds.