If I might be forgiven for last night's stupidity … Here's an another hypothesis:
Perhaps Parker Hale chose to use [almost] the full 'fundamental triangle' of a Whitworth thread-form; so as to give longer flanks to a thread which needs a precision fit.
As illustrated here [borrowed from Wikipedia];

the Whitworth truncation of the fundamental triangle is H/6 which, for 40tpi I calculate to be roughly 4 thou.
[someone please check this figure]
That would make a 'fully extended' version of the 7/32 40tpi thread
0.21875 + 0.008 = 0.22675 inches, outside diameter.
… a tiny rounding of the crest then takes us down to 0.225"
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As I have never examined the thread-form on a Parker Hale component; this is mere speculation … but I think it would merit investigation.
MichaelG.
.
https://en.m.wikipedia.org/wiki/British_Standard_Whitworth
Edited By Michael Gilligan on 08/01/2017 09:33:41