§ Mr. Costainasked the Chancellor of the Exchequer when he proposes to introduce legislation to enable the pilots' national pension fund to be approved for taxation purposes under the Finance Act 1970.
§ Mr. Peter ReesI propose to include a suitable provision in next year's Finance Bill. The Inland Revenue is already in touch with the fund's professional advisers about the terms of the legislation and of amendments to the rules of the fund which should allow a proper degree of flexibility in the operation of the fund. I have arranged with the Inland Revenue that the deferment of the provision will not act to the pilots' disadvantage. The Inland Revenue will arrange for relief in respect of the pilots' contributions to continue and for repayment to be made under appropriate indemnity of the tax applicable to any investment income received by the fund, until the fund can be approved.