HC Deb 28 July 1989 vol 157 cc1144-5W
Mr. Austin Mitchell

To ask the Chancellor of the Exchequer what is his estimate of the effect the restriction referred to in paragraph 26(a) of the Inland Revenue paper of June 1983, on the cost of tax reliefs for pensions schemes, would have on the amount of tax payable by life office-administered funds in the current financial year; and what would be the implications for the wider tax regime applicable to investments described in paragraph 3.3 and other considerations raised in the recent consultative document on the taxation of life assurance.

Mr. Lilley

There was no Inland Revenue paper of June 1983 on this subject.

Mr. Austin Mitchell

To ask the Chancellor of the Exchequer what would be the saving to the revenue in the current financial year if the tax on the incomings of life assurance offices had been as great as shown for 1968 in charts 11 and 12 of annex B to the recent consultation paper on the taxation of life assurance; and if he will provide similar figures on a 1959 percentage basis.

Mr. Lilley

The information necessary to support such an estimate is not yet available. It is not clear what the hon. Member's reference to a 1959 percentage basis means.