§ Mr. DewarTo ask the Chancellor of the Exchequer if he will update the information given in tables 5.2, 5.3, 5.4, 5.5, 5.6, 5.7 and 5.8 of the autumn statement 1992 on the basis of the December retail prices index.
§ Mr. DorrellUpdated figures for 1993–94 on the basis of an indexation factor of 2.6 per cent. are given in the tables. Tables 5.6 and 5.8 showing illustrative changes in taxes are unaffected by the change in the indexation factor. A correction to the figures published in table 5.6 of the "Autumn Statement" was given in answer to my hon. Friend the Member for Chelmsford (Mr. Burns) on 16 February 1993,Official Report, column 122.
Table 5—Income Tax 1992–93 £ 1993–94 £ Personal allowance 3,445 3,535 Personal allowance (age 65 to 74) 4,200 4,310 Personal allowance (age 75 and over) 4,370 4,490 Married couple's allowance 1,720 1,770 Married couple's allowance (age 65 to 74) 2,465 2,535 Married couple's allowance (age 75 and over) 2,505 2,575 Additional personal1 and widow's bereavement allowance 1,720 1,770 Aged income limit2 14,200 14,600 Lower rate band 2,000 2,100 Basic rate limit3 23,700 24,400 1 Primarily for single parents. 2 If the total income, less allowable deductions, of a taxpayer aged 65 or over exceeds this limit, the age-related allowances are reduced by £1 for each additional £2 of income until the basic levels of the personal and married couple's allowances are reached. 3 Higher rate income tax is payable on income (less allowances and those reliefs which are allowed at the higher rate) in excess of the basic rate limit.
Table 5.3—Inheritance tax 1992–93 £'000 1993–94 £'000 Threshold 150 154 687W
Table 5—Capital gains tax 1992–93 £ 19993–94 £ Annual exempt amount: Individuals 5,800 6,000 Trusts 2,900 3,000
Table 5.5—Costs of indexation for 1993–94 1993–94 £ million
1994–95 £ million
Indexation of income tax allowances lower rate band and basic rate limit1 750 1,000 Of which: Increases in allowances 560 720 Increase in lower rate band2 80 100 Increase in the basic rate limit2 110 180
Table 5 Direct Effects of Revalorising all Excise Duties1 £ million yield2 Typical item Current level of duty on typical items Price change3 1993–94 1994–95 Total4 600 675 — 0.19 per cent. Of which: Beer and cider 55 70 Pint of beer 23.3p 0.7p Wine 10 15 75 cl bottle of table wine 94.5p 2.9p Spirits 20 20 70 cl bottle £5.55 17.1p Tobacco6 130 150 20 king size £1 36 3.6p Petrol 215 240 Litre of unleaded 23.4p 0.7p Derv 70 70 Litre 22.9p 0.7p VED7 80 85 Cars and light vans £110.00 £2.86 1 These are estimated on the assumption that total consumers1 expenditure at factor cost does not change. 2 Assuming implementation on 1 April 1993. 3 The price change is assumed to equal the change in duty plus the consequential change in VAT except in the case of VED where VAT is not payable. The price change is for the typical item described above the rounded to the nearest one-tenth of a pence. 4 Includes receipts from tax on items not listed below. 5 Impact effect on the RPI. 6 The duty on cigarettes has ad valorem and specific elements; revalorisation and the illustrative percentage change relate only to the specific element, but the price change includes the consequential increase in ad valorem duty and VAT. 7 All VED, including HGVs as well as cars and light vans.