§ Mr. Richard Wainwrightasked the Chancellor of the Exchequer what are (a) the most recent estimate of the total amount of tax relief granted on life insurance premia and (b) the average annual value of this tax relief according to the annual income of the beneficiaries taking the normal categories of annual income.
§ Mr. Robert SheldonThe cost of tax relief on life insurance premiums for 221W 1973–74, the latest available year, is estimated at £140 million. The average value per taxpayer claiming relief, according to income range, is as follows:
Income Average value of relief £ per annum £ Under 1,000 4.05 1,000–2,000 5.95 2,000–5,000 11.25 5,000–10,000 35.55 Over 10,000 99.15