§ Mr. Ralph Howellasked the Chancellor of the Exchequer what would be the cost in terms of lost revenue if tax thresholds, after taking into account the value of child benefits where appropriate, were restored to their 1949–50 ratio with average male manual earnings; and what would be the value of income tax thresholds for each of a single person, a married couple and couples with each of one, two, three and four dependent children.
§ Mr. Peter ReesThe cost would be about £9,200 million at 1979–80 income levels. The following table shows the tax thresholds—including child benefit—and the derived personal allowances for the taxpayers specified:
76W
Tax threshold Personal allowance £ £ Single person 2,024 2,024 Married couple 3,227 3,227 with one child under 11 4,437 4,229 with two children aged 12 and 8 5,554 5,138 with three children aged 14, 12, and 8 6,649 6,025 with four children aged 16, 14, 12 and 8 7,761 6,929 Tax thresholds have been calculated as set out in the Official Report of 27 July 1979, Vol. 971, c. 556–58.