§ Mr. ClappisonTo ask the Secretary of State for Work and Pensions, pursuant to his reply of 1 July 2002, to the right hon. Member for North-East Hampshire (Mr. Arbuthnot),Official Report, column 8, how much tax has been paid by pension funds in each year since the withdrawal of advance corporation tax relief; and if he will make a statement on the level of extra business investment there has been in each year since 1997. [70068]
§ Dawn PrimaroloI have been asked to reply
Pension funds are not normally liable to tax and the abolition of advance corporation tax, which was widely welcomed, did not impose a tax liability. Total business
296Winvestment, measured at constant prices, has increased markedly from £93.1 billion in 1997 and stood at £113.1 billion in 2001.