HC Deb 08 November 1974 vol 880 cc266-7W
Mr. Sproat

asked the Chancellor of the Exchequer what estimate he has made of the loss to the Exchequer resulting from retirement pensions being entirely tax free for all pensioners, whatever their other earnings, and for those pensioners whose gross annual income is less than £5,000 respectively.

Mr. Robert Sheldon

The estimated cost of exempting the national insurance retirement pension from income tax for 1974–75 is about £320 million. With exemption subject to an income limit of £5,000 the estimated cost is about £290 million.