§ Mr. Quentin DaviesTo ask the Secretary of State for Social Security what would have been the estimated cost to public funds in each of the financial years(a) 1998–99, (b) 1999–2000, (c) 2000–2001 and (d) 2001–2002 if contracted-out salary-related pension scheme and contracted-out money purchase pension schemes had been compensated for the abolition of the dividend tax credit at the same rate as appropriate personal pensions. [34696]
§ Mr. DenhamThe information is not available in the format requested. Such information as is available is set out in the tables.
No estimates have been carried out for the tax year 1998–99 as the rebates could not be altered before April 1999.
Additional estimated amount of revenue forgone from the national insurance fund should the rebate in respect of contracted out salary-related schemes be adjusted to take account of the changes to tax credits on advance corporation tax Year £million 1999–2000 225 2000–2001 250 2001–2002 250 Note:
This assumes an annual real rate of investment return in excess of earnings of 2 per cent., the same as that used for calculating the rebate levels for appropriate personal pensions from April 1999.
Additional estimated amount of revenue forgone from the national insurance fund should the recently announced rebates in respect of contracted out money purchase schemes be adjusted to take account of the changes to tax credits on advance corporation tax Year £million 1999–2000 5 2000–2001 5 2001–2002 5 Note:
This assumes an annual real rate of investment return in excess of earnings of 2 per cent.
No estimates have been carried out for the tax year 1998–99 as the rebates could not be altered before April 1999.