§ Mr. Stephen Rossasked the Chancellor of the Exchequer whether he will extend the 15 per cent. tax free concession on pensions contributions granted under the Finance Act 1970 to self-employed marine pilots beyond 1980.
§ Mr. Robert SheldonThe arrangement under which the Pilots National Pension Fund has been allowed to retain tax approval notwithstanding that it includes self-employed pilots, and under which those pilots have been allowed tax relief in respect of their contributions to the fund, has been permitted as a special concession while the fund or its predecessors remained within the "old code" of tax approval for occupational pension schemes. With the transition to the "new code" tax approval, which is to be completed by April 1980, it will not be possible for the Pilots National Pension Fund to retain tax approval whilst including self-employed pilots amongst its members. If tax approval of the fund is to continue therefore pension arrangements for self-employed pilots will need to be made outside the provisions of the fund.