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Income Tax Threshold

Volume 978: debated on Tuesday 12 February 1980

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asked the Chancellor of the Exchequer what would be the income tax threshold in March if full indexation was applied; and what would be the cost to the Exchequer.

On the basis of the increase of 17·2 per cent. between the December 1978 and December 1979 retail prices index (the latest information avilable) the income tax thresholds would become:

Single person£1,366
Married person£2,128
The estimated cost of these changes, together with corresponding changes in the additional personal allowance, age allowances and age allowance income limit would be about £2,000 million in a full year at 1979–80 income levels.