Written Answers. - Cost of Changing Exemption Limits.

Wednesday, 26 January 1994

Dáil Éireann Debate
Vol. 437 No. 6

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[1461]

  166.  Mr. Cox  Information on Pat Cox  Zoom on Pat Cox   asked the Minister for Finance  Information on Bertie Ahern  Zoom on Bertie Ahern   the gross and net cost from 6 April 1994 to 31 December 1994, and in a full year, for each £100 change in the exemption limits for those on lower incomes.

Minister for Finance (Mr. B. Ahern): Information on Bertie Ahern  Zoom on Bertie Ahern  The only relevant information available [1462] as to cost is in relation to the direct cost to the Exchequer in income tax forgone if the changes referred to in the question were enacted for the income tax year 1994-95. The estimated costs of increasing the exemption limits by £100 are set out in the following table.

Increase of £100 in each of: Estimated 1994 Cost Estimated Full Year Cost
£m £m
(i) General exemption limits 3.5 7.0
(ii) Age exemption limits:
65 years or over
75 years or over		 0.70.4 1.3 0.7
(iii) Child exemption in respect of (i) and (ii) 2.8 5.7

It is assumed that the suggested increases to the exemptions for single persons must be combined with double those increases in the exemptions for married persons assessed to tax on the aggregate basis.

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