§ Mrs. Wiseasked the Chancellor of the Exchequer if he will list the tax thresholds for (a) a single person aged 65 years and over and (b) a married pensioner couple one of whom is aged 65 years and over, in 1950, 1955, 1960, 1965, 1970 and each subsequent year, expressed both in 121W actual money terms and also in current money equivalents.
§ Mr. Robert SheldonThe figures are as follows:
INCOME TAX THRESHOLD FOR PERSONS OVER 65 (a) Single Persons Year (i) actual (ii) Expressed at 1978–79 prices £ £ 1950–51 … 138 755 1955–56 … 180 804 1960–61 … 275 1,097 1965–66 … 390 1,315 1970–71 … 475 1,268 1971–72 … 504 1,231 1972–73 … 634 1,446 1973–74 … 700 1,446 1974–75 … 810 1,419 1975–76 … 950 1,335 1976–77 … 1,010 1,232 1977–78 … 1,250 1,337 1978–79 … 1,300 1,300 (see below) (b) Married Couples Year (i) actual (ii) Expressed at 1978–79 prices £ £ 1950–51 … 225 1,231 1955–56 … 309 1,381 1960–61 … 440 1,755 1965–66 … 625 2,108 1970–71 … 740 1,976 1971–72 … 786 1,920 1972–73 … 929 2,119 1973–74 … 1,000 2,066 1974–75 … 1,170 2,050 1975–76 … 1,425 2,003 1976–77 … 1,555 1,897 1977–78 … 1,975 2,113 1978–79 … 2,075 2,075 (see below) The prices index used is (a) for years from 1965–66 the general index of retail prices; and (b) for earlier years the index of prices of consumer goods and services given for the calendar years in table 2 of the CSO publication "The Internal Purchasing Power of the Pound" adjusted to a financial year basis. It has been assumed that prices rise by 7 per cent. between 1977–78 and 1978–79.
The allowances for 1977–78 include the increase in October 1977 which anticipated the indexation requirements for 1978–79 provided for in the Finance Act 1977. The figures assume entitlement to age exemption—introduced in 1957—or age allowance—introduced in 1975 in place of age exemption—for the relevant years.