§ Mr.John MarshallTo ask the Chancellor of the Exchequer (1) what is the latest estimate of the number of PEPs; and what is the associated cost to the Exchequer;
(2) how many PEPs were taken out during each of the last five years; and what has been the cost to the Exchequer of the consequential tax relief;
(3) how many tax exempt special savings accounts have been opened since the scheme was introduced; and what has been the cost to the Exchequer of the consequential tax reliefs.
§ Mr. DorrellThe available information is as follows;
Since PEPs began in 1987, 2,880,000 general plans have been taken out, and since 1 January 1992, 250,000 single company plans have been taken out.
Personal Equity Plans Number of plans taken out (thousands) Estimated total cost of income tax relief (£ million) General Single company 1988 120 — 15 1989 and first quarter of 1990 580 — 20 1990–91 500 — 45 1991–92 640 110 90 1992–931 770 140 120 1 Provisional. TESSAs
There were about 3.75 million live TESSA accounts as at 30 June 1993. The estimated cost of tax relief for TESSAs for 1992–93 was £250 million.