§ Mr. Michael Lathamasked the Chancellor of the Exchequer what would be the cost to public funds if all persons aged 70 years or over were exempt from income tax on their retirement pensions in the financial year 1978–79; and what would be the equivalent costs if the age limit for exemption was reduced to 69 years in 1979–80, and annually until the age of 65 years, assuming a level of yearly pension increase identical to the rise in the cost of living.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 1st March 1978; Vol 945 c. 269], gave the following information:
About £280 million for those aged 70 and over, and about £415 million for
NATIONALISED INDUSTRIES: DIVIDENDS RECEIVED ON PUBLIC DIVIDEND CAPITAL £ million British Overseas, Airways Corporation British Airways Board British Steel Corporation Post Office 1966–67 … … 3.5 — — — 1967–68 … … 5.3 — — — 1968–69 … … 10.0 — — — 1969–70 … … 12.5 — — — 1970–71 … … 13.0 — — — 1971–72 … … 4.9 — — — 1972–73 … … — 3.3 — — 1973–74 … … — 6.3 — — 1974–75 … … — 9.2 23.7 — 1975–76 … … — — 10.9 — 1976–77 … … — — — 0.4