§ 37. Mr. William Hamiltonasked the Secretary of State for Social Services what is the estimated net cost to the revenue of the concession recently accepted by the House relating to the earnings rule for retirement pensioners.
§ Mr. O'MalleyAt the rates of benefit due to come into force in April 1975 the cost to the National Insurance Fund in 1977–78, when the earnings limit will reach £50 a week, will be about £145 million. The Treasury supplement to the fund is about 18 per cent. of the contribution income. At current rates of income tax, the tax payable on the extra benefit would be about £35 million.