Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the approximate annual cost in the initial year of raising the personal tax allowance to £15,000 per annum.
The impact to the Exchequer from changes to the Income Tax Personal Allowance may be approximated using the “Direct effects of illustrative tax changes” table, which is published here: https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes.
The table shows the cost of £100, 1 per cent, and 10 per cent increases. These figures can be used to estimate the approximate impact from increasing the Personal Allowance to £15,000.