§ Mr. Newtonasked the Chancellor of the Exchequer what is his estimate of the additional income tax which will be collected in a full year as a consequence of the forthcoming increase in national insurance retirement pensions; and what proportion this represents of the annual cost of the pension increases.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 15th November 1976; Vol. 919, c. 375], gave the following information:
The additional full-year tax yield arising from the increases in national insurance retirement pensions and widows' benefits is estimated to be about £105 million, or approximately 12 per cent. of the full-year cost of the benefit increases.