HC Deb 16 May 1973 vol 856 c326W
Mr. George Cunningham

asked the Chancellor of the Exchequer (1) assuming corporation tax on the basis and at the rate proposed for 1974–75, what would be the net cost to employers in the aggregate of an increase in their pension contributions of £40 million a year gross;

(2) assuming total contributions from employers and employees to the proposed reserve pension scheme of £320 million a year in respect of 7 million employees of whom 5½ million pay tax at the basic rate, what is the net cost to employees in the aggregate of contributions at the rate of 2 per cent. with tax relief and 1½ per cent. without tax relief, respectively; and what is his estimate of the total gain to the revenue by changing from the first to the second arrangement.

Mr. Nott

I will let the hon. Member have a reply as soon as possible.