§ Mr. Silvesterasked the Chancellor of the Exchequer if he will list those provisions relating to income tax which allow a specific exclusion, exemption or deduction from gross income or which provide a special credit or a deferral of tax liability giving for each his estimate of the value of the concession.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 28th April 1977; Vol. 930, c. 413], gave the following information:
A comprehensive list of income tax allowances and reliefs and their cost could not be provided except at a disproportionate expense of time and resources. The list below, however, gives the main 84W tax reliefs in the field of personal taxation and the cost of each. The figures of cost are at 1976–77 tax rates and levels of income. They are calculated by reference to each individual relief, on the basis that other reliefs continued; they cannot therefore be totalled to give an aggregate cost for all the reliefs listed.
Cost of relief £m Single allowance … 2,480 Married allowance … 4,780 Age allowance … 225 Child allowance … 1,510 Additional personal allowance … 40 Wife's earnings allowance … 1,300 Life Insurance relief … 200 Retirement Annuity relief … 60 Mortgage interest relief … 1,100
§ Sir B. Rhys Williamsasked the Chancellor of the Exchequer what would be the approximate increase in the yield of income tax if the personal allowance were reduced to £100 and to £200 per annum for taxpayers who are not householders.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 27th April 1977; Vol. 930, c. 366], gave the following information:
I regret that the information on which to base an estimate is not readily available.