§ Mr. McKayasked the Chancellor of the Exchequer what estimate he has made of the loss of revenue due to the contributions of employees to special pension schemes being tax free.
§ Mr. H. MacmillanThe cost of the relief given to employees in respect of their contributions to approved superannuation schemes is estimated at about £15 million a year.
§ Mr. McKayasked the Chancellor of the Exchequer what estimate he has made of the loss of revenue due to the employers' contributions to special pensions schemes for the workers or directors being recognised as a cost of production ; and what extra revenue he estimates would result if these amounts were considered as part of the profits.
§ Mr. H. MacmillanComplete statistics of employers' contributions to superannuation schemes are not available but it is estimated that the cost of allowing such contributions to be deducted in arriving at taxable profits is of the order of £80 million a year. The additional revenue which would be received if these contributions were disallowed cannot be 179W estimated as it would depend on the extent to which the contributions would be discontinued and replaced by higher wages and salaries.