§ Mr. David ShawTo ask the Chancellor of the Exchequer what is the amount of tax relief given in respect of moneys invested by individuals and companies in all types of pensions and pension funds during the last five years.
§ Mr. MaudeLatest estimates are as follows:
£ million Relief for: Employees contributions to occupational pension schemes Employers contributions to occupational pension schemes1 Contributions to personal pensions and retirement annuity contracts2 1986–87 1,700 3,300 475 1987–88 1,700 3,000 525 1988–89 1,800 3,100 625 1989–90 2,000 3,500 950 1990–91 2,200 3,800 1,100 1 On the basis that under present arrangements, employers' contributions are not taxable as a benefit in kind for the employee. 2 Includes income tax relief on FSAVCs.