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Tax Allowances

HM Treasury written question – answered on 26th February 2015.

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Photo of Austin Mitchell Austin Mitchell Labour, Great Grimsby

To ask Mr Chancellor of the Exchequer, what estimate he has made of the cost to the public purse of raising personal tax allowances by 10 per cent.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

This Government has increased the personal allowance from £6,475 to £10,600 over this Parliament. No estimate has been made of a 10% increase in personal tax allowances. HM Revenue and Customs (HMRC) do publish a ready reckoner of changes to the main rates and thresholds of UK taxes. This does not take into account behavioural change. This is available at:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/403375/20141203_Illustrativechangesbulletinupdated.pdf.

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