§ Mr. Meacher
asked the Chancellor of the Exchequer what has been the tax relief granted on employers' contributions to occupational pension schemes for each year since 1960; what has been the tax-free income to these funds yielded by their investments during each of these years; and what has been the notional premiums applicable to employees in the Government sector for each of these years.
§ Mr. Nott,
pursuant to his reply [OFFICIAL REPORT, 14th December 1973; Vol. 866, c. 277], gave the following information:
Consistent estimates of employers' contributions to occupational pension schemes and of the investment income of these funds are possible only for the years for which the Government Actuary's Survey of Occupational Pension Schemes is available.
In computing business profits, employers' contributions are deductible as a business expense; estimates of the additional tax which would have been payable if they were not deductible are as follows:
£ million 1956 80 1963 180 1967 225 1971 290
The estimated investment income in these years for all occupational pension schemes is as follows:
£ million 1956 not available 1963 325 1967 480 1971 750
With regard to the notional premiums applicable to employees in the Government sector, if the hon. Member will let me know more precisely what he requires I will write to him.