Written question asked by Lord Bruce of Bennachie (Liberal Democrat) on Wednesday, 10 December 1997, in the House of Commons. It was due for an answer on Tuesday, 3 March 1998. It was answered by Lord Darling of Roulanish (Labour) on Tuesday, 3 March 1998 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what is his estimate of the total gross cost of the tax relief on the planned individual savings accounts in 2000-01. - No figures given. (Holding answer 15 December 1997).

Answer: Mr. Gibb: To ask the Chancellor of the Exchequer if he will provide a breakdown of the calculations of his estimate of the tax relief cost arising from the introduction of individual savings accounts and the abolition of PEPs and TESSAs. [19771] Mr. Malcolm Bruce: To ask the Chancellor of the Exchequer what is his estimate of the total gross cost of the tax relief on the planned individual savings accounts in 2000-01; and if he will make a statement. [20683] Mr. Darling: [holding answer 15 December 1997]: The estimated cost to the Exchequer of the ISA proposals is broadly similar to the combined cost of TESSAs and PEPs, but estimates are sensitive to assumptions made, e.g. on the level of take up.

Secondary information

Type: Written question
Reference: 20683; 307 c565W
Session: 1997-98
Subjects: Allowances Expenditure Individual savings accounts Personal savings Personal taxation
Contains statistics: Yes