HC Deb 29 November 1973 vol 865 cc185-6W
31. Mr. McCrindle

asked the Chancellor of the Exchequer what would be the loss of revenue if all pensions income were to be relieved of income tax.

Mr. Patrick Jenkin

It would cost about £450 million to exempt from tax all pensions, national insurance and occupational pensions, excluding widows' pensions, where the information on which to base an estimate of the cost of tax exemption is not available.

45. Mr. Churchill

asked the Chancellor of the Exchequer by how much the tax threshold of the single retirement pensioner has been raised since 15th June 1970.

Mr. Patrick Jenkin

The age exemption threshold, which fixes the level of income below which people of 65 or over are not liable to tax, has been increased for a single person from £475 in 1969–70 to £700 today. This represents an increase, in real terms, of about £170.

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