§ Mr. Kinnockasked the Chancellor of the Exchequer what is the most recent estimate of (a) the total amount of tax relief granted on employees' and employers' contributions to occupational pension schemes, (b) the amount of capital gains tax that would have been payable on occupational pension funds if occupational pension funds were subject 528W to capital gains tax, and (c) the amount of tax that would have been payable on the income from the investments of occupational pension funds if this income were taxable.
§ Mr. Robert SheldonThe latest information on which to base the required estimates is the Government Actuary's Survey of Occupational Pension Schemes for 1971. For that year the figures of tax retrieved or of additional tax payable are as follows:
£ million (a) On employees' contributions 155 On employers' contributions (1) 290 (b) On capital gains not available (c) On investment income 290 1. In computing business profits employers' contributions are deductible as a business expense. The estimate shown is the additional tax which might have been payable had they not been deductible.