§ Mr. Spearingasked the Chancellor of the Exchequer what would be the approximate loss of revenue to the Exchequer if the first £5 per week of industrial pension were disregarded for tax purposes.
§ Mr. Robert SheldonI am not clear what my hon. Friend has in mind. The estimated loss of revenue for 1977–78 if the first £5 per week of pension income, other than from a national insurance retirement or widow's pension, was disregarded for tax purposes is £170 million. This assumes a basic rate of tax of 33 per cent.