§ Mr. Fieldasked the Chancellor of the Exchequer if he will estimate the increase in revenue which would result from allowing all tax allowances at the standard rate of tax only.
§ Mr. Ridley[pursuant to his reply, 15 February 1982, c. 28.]: To allow tax relief in respect of personal allowances at a rate no higher than the basic rate would yield about £340 million in a full year, at 1981–82 income 86W levels. This is a new estimate revised in the light of new information. It assumes that married couples who would find it advantageous to elect for separate taxation of the wife's earnings in these circumstances would be able to do so, even if they do not currently find it advantageous.