HC Deb 27 March 1974 vol 871 cc153-4W
Mr. Trotter

asked the Chancellor of the Exchequer what is his estimate of the cost to the revenue in the current financial year of treating retirement pensions in the same way as unemployment and sickness benefits by leaving them out of account in computing incomes subject to taxation.

Dr. Gilbert

The estimated cost of exempting the national insurance retirement pension from income tax for 1973–74 is about £200 million.

Mr. Trotter

asked the Chancellor of the Exchequer what is his estimate of the cost to the revenue in the current financial year of leaving the retirement pension out of account for the basic rate of income tax but not for the higher rates.

Dr. Gilbert

The estimated cost of exempting the national insurance retirement pension from basic rate tax for 1973–74 is about £185 million.