Retirement Pension

HC Deb 16 February 1978 vol 944 cc352-3W

Mr. Watt

asked the Chancellor of the Exchequer what loss would accrue to the Treasury if the State pension paid to those aged 65 years were exempted from taxation regardless of earned income.

Mr. Robert Sheldon

The loss to the Exchequer, if the national insurance retirement pension paid to those aged 65 and over was exempted, would be about £415 million at 1977–78 income levels.