§ Mr. Tom ClarkeTo ask the Chancellor of the Exchequer if he will estimate the effect on Treasury revenues in a full year in (i) 1991–92 and (ii) 1992–93 of introducing an upper limit on all income tax allowances and reliefs of(a) £10,000, (b) £15,000 and (c) £20,000 a year with (i) the current tax allowances and reliefs and (ii) limiting all income tax allowances and reliefs except the single person's allowance to the basic rate, giving the revenue from each relief separately, the total revenue and the numbers of people affected, for Great Britain and Northern Ireland.
§ Mr. MaudeIt is estimated that at 1991–92 levels of income the introduction of the upper limits specified would yield the following:
£ million Upper limit for total allowances and reliefs Yield in a full year under the current lax regime Yield following restriction of all reliefs and specified allowances to the basic rate £10,000 590 390 £15,000 240 150 £20,000 140 90 The estimated yield from restricting all allowances, except the basic personal allowance, to the basic irate is about £300 million. The estimated yield from restricting all reliefs to the basic rate is £600 million. Of this figure, about £250 million results from restricting relief on employee contributions to occupational pensions and about £150 million results from restricting relief on personal pension contributions.