§ Mr. John Mackayasked the Chancellor of the Exchequer what would be the cost to the Exchequer of exempting from income tax old age pensions.
§ Mr. Peter Rees,pursuant to his reply [Official Report, 5 July 1979; Vol. 969, c. 678], gave the following answer:
The cost of exempting national insurance retirement pensions and widow's pensions for widows aged 60 and over would be about £680 million in a full year at 1979–80 income levels.