Income Tax: Tax Allowances
(asked on 13th October 2017) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the cost to the public purse of raising the income tax allowance to £12,500.
This question was answered on 23rd October 2017
The cost of raising the income tax Personal Allowance may be approximated using the “Direct effects of illustrative tax changes” table as published at the following address:
https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes
The table shows the cost of a £100 increase and a 10% increase in the Personal Allowance in 2018-19 through to 2020-21. This can be used to scale the proportionate cost to raise the Personal Allowance to £12,500.