§ Mr. Clayasked the Chancellor of the Exchequer whether he will update the figures relating to the direct revenue costs of tax relief on pension contributions on the same basis as his reply of 3 May 1985 to the hon. Member for Oldham, West, (Mr. Meacher) Official Report, columns 255–7.
§ Mr. Norman LamontThe information, including later estimates for 1984–85, is as follows:
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Direct revenue cost in full year £ million 1984–85 1985–86 1986–87 Employees' contributions to occupational pension schemes allowed as a deduction for income tax purposes 1,100 1,200 1,300 Employers' contributions to occupational pension schemes allowed as a charge against profits for corporation tax purposes1 1,900 1,900 1,900 Investment income of occupational pension funds (assuming relief at the basic rate) 3,400 3,800 4,600 Lump sum payments to pensioners (assuming relief at the basic rate) 1,000 1,100 1,100 1 These estimates are particularly tentative.