§ Mr. Georgeasked the Chancellor of the Exchequer if he will publish in the Official Report his estimates of the revenue forgone by the Treasury in the last financial year in respect of (a) income tax relief on employees' occupational pension contributions, (b) capital gains tax exemption for occupation pension funds and (c) corporation tax exemption on employers occupational pension contributions.
§ Mr. Denzil DaviesThe latest information on which to base estimates is the Government Actuary's Survey of Occupational Pension Schemes for 1971.
For 1971–72 estimates of the costs of tax relief are as follows:
£ million (a) On employees' contributions 155 (b) on capital gains not available (c) on employers' contributions 290 Employers' contributions are deductible as a business expense in computing 414W business profit. This estimate is of the additional tax which might have been payable for 1971–72 had they not been deductible.