HC Deb 04 April 1973 vol 854 cc118-20W
Sir B. Rhys Williams

asked the Chancellor of the Exchequer what was the loss of revenue from the concessions on taxation of income and capital gains granted to occupational pension schemes in 1972–73; and if he will publish estimates for the current and future years on the basis of the existing tax provisions.

Mr. Nott,

pursuant to his reply [OFFICIAL REPORT, 3rd April 1973; Vol. 854, c. 83], circulated the following information:

I am not sure what my hon. Friend has in mind by the first part of his Question. As regards the second part of his Question, the amount of income tax and advance corporation tax to be forgone at 1973–74 rates is estimated at about £225 million on the basis of the 1971 estimate of interest in the Government Actuary's Fourth Survey of Occupational Pension Schemes.

Sir B. Rhys Williams

asked the Chancellor of the Exchequer if he will publish figures illustrating the progress of pension schemes approved under Chapter III of Part IX of the Income and Corporation Taxes Act 1970.

Mr. Nott,

pursuant to his reply [OFFICIAL REPORT, 3rd April 1973; Vol. 854, c. 83], circulated the following information:

Estimates of the numbers and amounts of premiums on which tax relief was allowed under these provisions are over a span of years as follows:

No. of persons (thousands) A mount of premiums £ milion
1959–60 110 15
1964–65 95 16
1970–71 140 27