§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer what is his estimate of the annual cost of exempting the first £200 of income from savings and investments from income tax. [12797]
§ Mr. Jack[holding answer 27 January 1997]: The full year cost at 1997–98 income levels of exempting from income tax the first £200 of income from savings and investments which are currently taxable is estimated to be around £0.5 billion. It is not possible to provide an estimate which takes into account tax-free savings instruments such as tax-exempt special savings accounts, personal equity plans and so on.