§ Lord Banksasked Her Majesty's Government:
What would have been the loss of revenue if occupational pensions had been reduced for tax purposes to take account of the annual rate of inflation in the years 1978–79, 1979–80 and 1980–81.
§ The Minister of State, Treasury (Lord Cockfield)I regret that this information is not available. The comparison suggested would in any event be misleading. To the extent that allowances and rate bands have themselves been increased to reflect inflation, the noble Lord's suggestion would represent a double allowance for the same factor.
House adjourned at two minutes before eleven o'clock.