§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer what is his estimate of the revenue consequence of restricting the tax-free lump sum on retirement to £75,000. [22689]
§ Mr. Jack[holding answer 26 March 1996]: I regret that the information required to provide such an estimate is not available because detailed figures on tax free payments are not required for tax administration. The current level of the earnings cap is £78,600 and from 6 April 1996 it will rise to £82,200, giving a maximum lump sum of £123,300.