§ Mr. Beaneyasked the Chancellor of the Exchequer what is the estimated amount to be paid in the form of tax relief for the year 1962–63 in relation to all industrial and other occupational pension schemes and self-employed schemes, giving the tax relief to employers, employees, the self-employed, and the industrial income of superannuation funds separately.
§ Mr. BarberIt is provisionally estimated that the costs for 1962–63 of these tax reliefs were about £55 million for employees, about £5 million for the self-employed, and about £40 million for the investment income of superannuation funds (including income of assurance companies' annuity funds exempted under Section 24 of the Finance Act, 1956). It is estimated that, if employers' contributions had not been deductible in computing business profits, the additional tax payable would have been of the order of £150 million.