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Mr. Laws
To ask the Chancellor of the Exchequer (1) what his estimate is of the revenue yield from (a) abolishing the tax relief on individual savings accounts and (b) halving the annual subscription limit for ISAs; and if he will make a statement; [130123](2) what his estimate is of the cost to the Exchequer of the individual savings account for each year from 1998–99 to 2005–06; what his estimate is of the effect of the ISA tax relief on total savings; and if he will make a statement. [130148]
Dawn Primarolo
Available estimates of the tax relief on ISAs from 1999–2000 to 2002–03 are contained in the following table.
Available estimates of the tax relief on ISAs1 | |
£ million | |
Year | Cost of tax relief |
1999–2000 | 120 |
2000–01 | 420 |
2001–02 | 725 |
2002–03 | 825 |
1From 1999–2000 to 2002–03 |