§ 53. Mr. Marksasked the Chancellor of the Exchequer what tax reliefs will be available to contributors to occupational pensions, the reserve pension scheme and the basic pension scheme under his new proposals.
§ Mr. Patrick JenkinUnder the Government's proposals, contributions to the State basic and reserve schemes, like National Insurance contributions since 1965, will not qualify for tax relief, except for the deduction of employers' contributions in computing profits. Contributions to occupational pension schemes both from employees and employers are allowable for tax purposes provided that the schemes are statutory or are approved by the Inland Revenue under the relevant provisions.
§ 55. Mr. Fryasked the Chancellor of the Exchequer what would be the loss in revenue of making the basic State pension tax free.
§ Mr. Patrick JenkinI would refer my hon. Friend to the answer I gave on 4th November to my hon. Friend the Member for Aylesbury (Mr. Raison).—[Vol. 825, c.18.]